Specialist retailer of fresh cream cakes, Cake Box Holdings plc has announced a trading update for the full year ended March 31, 2019. The group traded strongly during the period with like-for-like sales growth of 6.5 per cent in franchise stores. The company said that average sales per store kept growing and as a result, it is guiding for revenue of GBP 17.1 million, up around 30 per cent year-on-year. Profit is set to be in line with market expectations, but no guidance figure was provided. The group also saw a record number of new store openings, 28 in the year, including Harlow, Bury and Croydon, and now has a total of 114 franchise stores.
Sukh Chamdal, Chief Executive Officer, said, “Our first year as a public company has been an exciting one. We've achieved record revenues, opened a record number of stores and continue to see strong appetite for our unique customer offer. As we continue to grow our presence for customers across the UK, we have invested in new facilities to support expansion, including two new warehouse and distribution centres in Bradford and Coventry. We believe the Group ideally positioned to deliver profitable growth and enter our new financial year with confidence.”
