UK: Caffe Nero posts positive full year results, ending 31 May 2001
UK coffee bar chain Caffe Nero has released positive preliminary results for the year ended 31 May 2001, with turnover up 133% to £15.6m (US$22.56m) and like-for-like store sales increasing by 11%. Gerry Ford, chairman and CEO of the group, noted that the full year results and the bottom profit line were "encouraging", with the business turning cash (EBITDA) positive, beating forecasts to post £40,000 versus a loss of £219,000 in FY 2000. Store profits increased 118% to £2.4m.
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