Cake Box sees FY21 sales rise 14.7%
In turn, the group said that it expects to report ‘record revenue’ for the period
Cake Box, a cream cake retailer, saw like-for-like sales in its franchise stores increase 14.7% year-on-year for the 40 weeks ended 7 March 2021.
In turn, the group said that it expects to report “record revenue” for the period, representing an approximate 16% rise profit before tax rise when compared to the same period last year.
Moreover, online sales increased 84% year-on-year, following the launch of its own-brand delivery platform.
The company also expanded its portfolio by 24 in the financial year, with 17 openings in the second half taking Cake Box’s total franchise stores to 157 at the period end.
Some 52 sites are in the cake retailer’s UK pipeline, as five Cake Box kiosks are also being trialled with a national supermarket chain.
Sukh Chamdal, co-founder and CEO at the company, said: “I am very pleased with the strong trading momentum in the second half, continuing the recovery we saw as our shops began to reopen from May last year.
“Our franchisees are job creators with the genuine entrepreneurial spirit that will be needed to accelerate our economic recovery as a nation out of lockdown.”
Cake Box also reported a strengthening to its balance sheet, with net cash rising from £2.1m in FY20 to £3.6m at the period end.
Chamdal added: “Despite continued uncertainty in the operating environment, our unique proposition for customers and new and existing franchisees remains highly attractive and we are confident of making continued progress in the years ahead.”