Coffeeheaven, the European coffee shop operator, this morning revealed that its like-for-like sales increased by 12% in the year to 31 March 2009 – but that they were slowing because of the economic crisis.
In particular, the group said, trading in the Czech Republic had impacted its performance and that LFL growth excluding this market would have been +16% - much closer to last year’s 18% increase. Trading in Latvia had also suffered.
The last quarter of the year had seen LFLs up by 10%.
The AIM-listed operator said that group ebitda had jumped by 220%, up from £500,000 in 2008 to £1.7m.
Coffeeheaven said that its core market of Poland, which had not been as deeply affected by the worldwide recession as other central European countries, continued to perform well.
As of 31 March 2009, the company had 88 stores trading in six markets. It opened 12 during the 12 month period and closed or sold nine stores.
Its total unaudited net sales increased by 53% during the year to £25.2m – up from £16.4m.
In a statement the company said: “More recently it has become apparent that 'regionalising' the consequences of the crisis in central Europe is inappropriate. On the ground the crisis has impacted (and continues to impact) individual countries in the region to different degrees.
“To date our trading in Coffeeheaven's key market of Poland (which represents approximately 75% of prior year continuing sales revenues) has been broadly unaffected by the global crisis as the financial and other results in this statement demonstrate.
“Conversely our businesses in the Czech Republic and (since the turn of the year) Latvia have been and continue to be severely impacted.”
The company added that it would adopt country-specific strategies and continue to look at controlling its costs, which would mean closing stores if required.
