Joe and the Juice revenues jump 49% in FY22
Joe and the Juice has attributed its performance to increasing revenue in its physical stores by 30% and the openings of 23 new juice bars in existing stores during FY22
Danish chain of juice bars and coffee shops, Joe and the Juice, has revealed that revenues increased by DKK 558m (£63.9m) to DKK 1.7bn (£124.6m) in FY22, demonstrating a 49% jump.
The group’s operating profit also increased from DKK 271m (£31m) in 2021 to DKK 276m (£31.6m) in FY22, with its EBITDA margin for the financial year reaching 16.2%.
Joe and the Juice has attributed its performance to increasing revenue in its physical stores by 30% and the openings of 23 new juice bars in existing stores during FY22.
Meanwhile, digital sales accounted for 25% of total sales in 2022.
However, while the net result is “slightly” below last year’s result, the group explained that this is partly due to its investment in its juicers and operational management, as well as strengthened headquarter, both in terms of automation and resources.
Thomas Nørøxe, CEO of Joe and the Juice, said: “The financial results cement that we are delivering on our strategy to drive robust and profitable growth. I am pleased and proud of that. In a year marked by the aftermath of Covid-19, we have achieved the highest revenue growth in the group’s history and adapted to a constantly evolving market.
“We are delivering on our strategy, which will make us self-financing in terms of investments in our growth over the next five years. We have a good collaboration with the banks, who have so far provided part of the financing behind our investments. I am convinced that in the coming years, we will see an increasing degree of self-financing of our growth.”
He added: “We are now so well established in Europe and the US that more than 95% of our juice bars contribute positively to our operations. Therefore, it is crucial for us to continue our strategy of fully exploiting the potential of our existing markets. This strengthens our profitability and is therefore the natural next step in our growth plan.”
Joe and the Juice currently has 347 stores globally, operating 310 stores itself in 17 countries in Europe, the USA, Asia and Oceania. Worldwide, the chain employs more than 2,900 people.