The Caffè Nero, Coffee#1 and Harris + Hoole owner achieved 10% year-on-year sales growth in the 12 months ending 30 May 2024 to reach $690m and expects strong trading momentum to continue over the next 12 months
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Caffè Nero Group added 63 new stores – including in Poland, Turkey, Sweden and the US | Photo credit: Alexander London
Caffè Nero Group Founder Gerry Ford has said the business is trading strongly across ‘all territories’ and is entering the next 12 months with strong momentum following record annual sales.
The premium coffee chain group, which operates Caffè Nero across 10 markets globally, as well as Coffee#1 and Harris+Hoole in the UK, achieved 10% year-on-year sales growth in the 12 months ending 30 May 2024 to reach $690m. Like-for-like sales increased 8.4% during the period.
Caffè Nero Group added 63 new stores to its portfolio during the year – including new outlets in Poland, Turkey, Sweden and the US – to reach 1,072 outlets. Caffè Nero is the group’s largest brand with more than 900 stores, including 622 in the UK, 95 in Turkey, 77 in Poland – where it trades as Green Caffè Nero – and 38 in the US.
The group also grew its Coffee#1 coffee chain last year, opening 18 net new stores to reach 119 sites across the UK. However, following the ‘natural conclusion’ of its partnership with supermarket chain Tesco, Harris + Hoole began closing its concession sites in October 2023 and currently operates 23 UK stores according to its website – comprising 16 standalone outlets and seven remaining Tesco sites.
“I’m hugely encouraged by the Group’s performance during the last financial year. We have returned to pre-Covid levels plus a bit more. Our fourth quarter this past spring was especially strong across all territories. We are gaining market share and have a lot of momentum entering the new financial year, with June continuing our strong performance,” Ford said.
In May 2024, Caffè Nero Group launched a new wholesale coffee channel, Aroma, in response to ‘years extensive demand’ from prospective partners. Aroma, position as a high-quality challenger in the UK B2B coffee market, is already available at 100 UK outlets with Caffè Nero Group saying in a press release that it intends to utilise its strategic association with UCC Coffee to add more locations ‘at pace’ in 2024 and beyond.