Sales At Caffè Nero Closing In On Pre-Covid Levels

Namnews, 23rd February 2022

Caffè Nero has revealed that its sales are getting closer to pre-Covid levels having taken a significant hit in its last financial year.

For the first half (to November 2021) of its current financial year, the coffee chain saw its sales surge up 211% to £135.7m after seeing a strong recovery in trade as restrictions eased.

During its previous financial year to May 2021, its UK sales had fallen 36% to £153.3m, resulting in losses of £17m.

While the rise of the Omicron Covid variant saw some office workers return to working from home, Caffè Nero trade was 82% of normal trading in December and January.

Caffè Nero founder and group CEO, Gerry Ford commented: “We’ve seen a very encouraging first half of our financial year. Our business showed great resilience and recovery.

“Further, even with the emergence of the Omicron variant, our sales have held up. We are now trading at 90% of pre-pandemic levels and we expect to see that improve further over the coming weeks and months.”

NAM Implications:

• Interesting if volume sales were included (i.e. negating inflation)
• Anyway, fingers crossed re a full recovery to pre-pandemic levels…
• i.e. if 20% continue to work from home…