Sushi stalwart Itsu posts loss as it eyes expansion in the US
Sushi chain Itsu fell to a pre-tax loss of £6m last year as stronger sales were offset by expansion in the US.
The British food chain, which was founded by Pret a Manger tycoon Julian Metcalfe, pulled in revenue of £116m, up nine per cent on the previous year.
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But the growing demand for its Asian fast food failed to stem losses, which narrowed from £8.9m to £6m.
Itsu said the loss was largely due to continued investment in the firm’s expansion in the US after it opened its first New York branch last year.
However, the chain welcomed a 3.6 per cent increase in UK life-for-like sales, and said its British business is on track to break even this year.
Itsu, which sells a range of sushi, wraps and hot rice dishes, opened its first branch in Chelsea in 1997, and now has more than 70 sites across the country. The company also operates a grocery division, which sells branded products to supermarkets, delis and health food shops.
Itsu has outlined a two-year plan to help fend off the tough trading conditions facing the wider UK retail sector.
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The company revamped its hot food menu over the year and introduced new products, such as gyoza and wraps, which it said are focused on providing “health, freshness and value for money”.
Food entrepreneur Metcalfe, who has a fortune of £215m according to the Sunday Times rich list, holds a 54 per cent controlling stake in Itsu.
Main image credit: Getty