Cake Box looks to double estate despite fall in profit
Cake Box is looking to almost double its store estate, despite a fall in profit before tax of 28.6%.
The cream cakes retailer has revised its former target set five years ago to reach 250 stores, now looking to open a total of 400 units, building on its current estate of 205.
During the 2023 financial year, Cake Box opened 20 new franchise stores, compared to 31 in 2022. It has opened three units since March and also currently operates 18 supermarket kiosks.
This comes as the retailer reports a dip in pre-tax profit from £7.7m for the year ending March 2022 to £5.4m for the following 12 months.
However, Cake Box’s revenue saw an increase of revenue of 5.6%, from £33m in 2022 to £34.8m in 2023.
The retailer also saw growth in online sales, up to £13.8m from £13.3m in 2022.
Sukh Chamdal, Cake Box chief executive, said: “The market outlook is improving, our capabilities have been expanded, and the Cake Box brand is stronger than ever. We have the right platform in place for the Group’s development to accelerate over the coming year and beyond.”