The Copenhagen-based coffee and juice chain reported significant progress in its push for profitability following improved operating profit, record revenues and strong outlet growth globally last year
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Joe & The Juice opened 40 new stores across 19 markets in 2023 | Photo credit: Joe & The Juice
Joe & The Juice is forecasting significant growth across all markets after posting an operating profit last year and achieving record 2023 revenues.
The Danish coffee and juice chain’s 2023 operating profit reached DKK 178m ($26m), compared to a DKK 47m ($6.8m) loss in the previous year. Joe & The Juice also more than halved its net loss from DKK 260m ($37.8m) in 2022 to DKK 108m ($15.7m).
Copenhagen-based Joe & The Juice also reported 42% year-on-year revenue growth to exceed DKK 2.4bn ($349m), with digital sales reaching an all-time high and now accounting for 29% of all transactions.
In a press release, Joe & The Juice CEO Thomas Nørøxe said the results ‘sealed the successful turnaround’ of the business which was his main priority after assuming the role in June 2021.
“We have succeeded with our strategy of operating Joe & The Juice to solid and profitable growth. In a time when inflation has pressured consumers’ willingness to buy, we have continued to progress, grow, and adjust to a market in constant development. I am very satisfied and proud of that,” he said.
Joe & The Juice opened 40 new stores across 19 markets in 2023 to close the year with 363 outlets across Europe, the US, the Middle East and Asia. Like-for-like sales increased 35% compared to 2022.
In November 2023, Joe & The Juice sold a majority stake of its business to US investment firm General Atlantic in a transaction that included a capital increase of more than DKK 1bn ($145m) and reduced the company’s debt by 69%.
“This puts Joe & The Juice in an ideal position to develop our core markets with greater opportunities than ever before. Our ambitions for the future are high, and it is clear to me that Joe & The Juice is entering a new era with the successful turnaround,” Nørøxe added.
Joe & The Juice, which has opened 12 net new stores so far this year, has forecast posting a positive net profit in 2024, with operating profit expected to increase to at least DKK 200m ($29m).