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Cakes retailer Cake Box said profit fell short of expectations as higher costs offset a rise in revenue. The company, however, touted improved performance amid easing lockdown measures.
For the twelve months ended 31 March 2020, adjusted pre-tax profit fell to £3.8m from £4.0m, slightly below previous expectations, while revenue rose 10% to £18.7m.
Gross margin improved to 46.7% from 45.7%.
No dividend was proposed as previously announced.
Since re-opening the majority of its stores at the end of May, online sales since the period-end were up about 60% compared to the previous year period.
'131 of the 133 stores have now re-opened and our production facilities continue to ramp back up to meet an increasing demand, with both operating under new guidelines to ensure the safety of all of our stakeholders,' the company said.
'COVID-19 has inevitably impacted performance of our new financial year and will continue to, we have seen an improving sales trend, with sales in the first week of June showing positive like for like. Around 75% of our stores1 are now trading at pre-COVID19 Levels,' it added.