The Nero Group sales rise 13% to $680m in FY24

The Nero Group has reported that overall sales rose by 13% to $680m (£539m) in the year to 31 May 2024, having restarted its openings programme and added 61 new stores globally – 29 of which were in the UK.  

The Caffè Nero operator, which has a portfolio of 1,122 stores across 11 countries with more than 11,000 employees, also revealed that its EBITDA rose by 20% to $63m (£49.9m) in FY24.

The group’s UK business saw its sales rise by 10% to £333m in FY24, with its EBITDA rising by 17% to £38.5m. 

According to the group, its delivery business in the UK experienced strong growth of 17.5% year-on-year during FY24 and its packaged coffee business recorded a sales growth of 65% to £4.8m – including in-store sales of its coffee-at-home products of £2.4m.

In addition to in-store sales success, Nero’s coffee-at-home business strengthened partnerships with major supermarket and retail partners in FY24, such as Waitrose. The group noted that its sales through Amazon grew by 50% during the period. 

Gerry Ford, founder and group CEO of the Nero Group, said: “FY24 was a very positive and encouraging performance by the group. Despite high inflation for much of the year across all our territories and the impact of repeated train strikes in the UK, we continued to build sales momentum following a return to ‘normal’ trading after Covid. 

“We delivered a particularly strong Q4 performance in FY24 which gave us real momentum heading into the current financial year, which we are continuing to build on.”

He added: “We were able to resume at pace our new store opening programme, which we will continue through FY25 and beyond.”

So far in FY25, the Nero Group has had “record” results in the first eight months of the year with like-for-like sales up 7.4% and overall sales rising by 13%. 

The group has also increased its store count by 71 stores in the year so far and now has 324 stores outside of the UK.