The Danish coffee and juice chain achieved 49% sales growth last year and says ‘fully exploiting’ the potential of its existing markets will drive near-term growth
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Revenues from Joe & The Juice’s bricks-and-mortar stores grew 30% during the period | Photo credit: Joe & The Juice
Joe & the Juice has reported record 2022 revenues and said it is focused on capitalising on the potential of its existing markets to drive future growth.
The Danish coffee and juice chain’s sales increased 49% in the 12 months ended 31 December 2022 to reach DKK 1.7bn ($247.6m) - nearly 20% higher than its initial forecast.
Additionally, Joe & The Juice’s operating profit reached DKK 277m ($40m) in 2022.
“The financial results cement that we are delivering on our strategy to drive Joe & The Juice to robust and profitable growth. In a year marked by the aftermath of Covid-19, we have achieved the highest revenue growth in the group's history and adapted to a constantly evolving market,” said CEO Thomas Nørøxe.
Revenues from Joe & The Juice’s bricks-and-mortar stores grew 30% during the period, with 23 net new outlets opened globally.
The Copenhagen-based coffee and juice chain operates 350 stores across 17 countries, 310 of which are company operated.
Joe & The Juice also reported growth in its digital channels, with more customers pre-ordering via the chain’s app and third-party delivery sales increasing. Collectively, digital sales accounted for 25% of 2022 revenues.
As part of its growth strategy, Joe & The Juice will focus on exploiting ‘the great potential’ within its existing markets this year, which it said will strengthen group level profitability. The coffee and juice chain currently operates across Europe, USA, Asia and Oceania.
“The past few years have underlined Joe & The Juice's presence as a global brand. We are now so well established in Europe and the US that more than 95% of our juice bars contribute positively to our operations. Therefore, it is crucial for us to continue our strategy of fully exploiting the potential of our existing markets. This strengthens our profitability and is therefore the natural next step in our growth plan," Nørøxe added.
Joe & The Juice’s three largest markets by outlets are its native Denmark, the UK and the US, where it currently operates 70, 66 and 64 stores respectively.