Coffee#1 sales grow 21.9% in Q1
The first quarter results come as Coffee#1 recorded a record first £1m sales week for the week of 23 October 2023
Neighbourhood coffee shop brand Coffee#1 has announced strong trading for the first three months of its financial year ending on 31 August, with sales growth of 21.9% year on year.
Founded in 2001 and now operating across Wales the Southwest, the South Coast and parts of the Midlands, Coffee#1 also opened three new stores during the same period. The new stores in Godalming, Yate and Cwmbran performed ahead of expectations, with weekly customer visits exceeding the average achieved in the wider estate, which now has 115 stores.
At the same time, the strong sales for Q1 were supported by robust customer volume growth of 2.6%, and the strong performance of the brand’s iced coffee range, which saw 39% like-for-like growth basis.
Coffee#1 also continued to grow its app membership, with over 600,000 transactions being made through the app in the quarter, which was 25.6% higher than in the prior year. Over 28% of all transactions are now through the Coffee#1 app, with users able to combine payment with the brand’s loyalty scheme and enjoy a range of discounts and offers.
The first quarter results come as Coffee#1 recorded a record first £1m sales week for the week of 23 October 2023. The sales week is 8% higher than the company’s previous record, and was underpinned by customer numbers above 275,000 for the week for the first time.
The quarter also saw the relaunch of the company’s Long Service Legends scheme with over 800 of the company’s approximately 1,000 employees with 1 year or more service being recognised.
Commenting on the first quarter results and the record sales, Coffee#1 managing director Bruce Newman, said: “The team has come up trumps once again and have delivered a really impressive first quarter. Combined with our record sales week, it’s clear we are starting to build some real momentum, and I’m hugely encouraged by the performance of the business as we head into the festive trading period.
“Our team is the reason we are seeing positive results, and relaunching the Long Service Legends Scheme is an important part of recognising that contribution and building team strength as we move forward. Despite the significant inflationary pressures and costs we face as a business, I feel cautiously optimistic for the remainder of our financial year.”
