Joe and The Juice revenues jump 42% to £275.9m

Joe and The juice reported a 42% revenue increase to DKK 2.4bn (£275.9m) for the financial year 2023. 

For the first time in several years, the group also saw a positive operating profit (EBIT) which reached DKK 178m (£20.4m) compared to DKK -47m (-£5.4m)in 2022.  

The increase in operating profit was primarily driven by a continued focus on profitability and on the opening of 40 new stores across 19 countries. This was supported by a continued increase in activity on the group’s own digital platform as well as third-party delivery services. 

EBITDA is also increasing significantly, from DKK 276m (£31.7m) in 2022 to DKK 498m (£57.2m) in 2023. The EBITDA margin was 20.5% for 2023.

CEO Thomas Nørøxe said: “Our figures speak volumes: We have succeeded with our strategy of operating JOE & THE JUICE to solid and profitable growth. In a time when inflation has pressured consumers’ willingness to buy, we have continued to progress, grow, and adjust to a market in constant development. I am very satisfied and proud of that.”

As in the preceding year, Joe and The Juice has sustained its robust growth in its stores. In 2023, the group achieved a 35% increase in same-store sales, with digital sales accounting for 29% of the chain’s total sales.

The equity fund General Atlantic, which in late 2023 became the majority owner of Joe and The Juice, plays an active role in the company’s expected continued prosperity. The deal included a capital increase that provided the company with more than DKK 1bn (£114.9m) and reduced the company’s debt by 69%. 

For 2024, the group expects revenue to grow significantly, while the operating profit is expected to increase to at least DKK 200m (£22.9m). Additionally, the company anticipates a positive net profit.

Nørøxe said: “Our skilled juicers and competent bar managers have driven the strong growth in revenue by representing the unique culture that the Joe brand stands for every day. Our impressive result is also a clear indication of their dedication to delivering food, coffee, and juice of high quality and developing strong relationships with both loyal and new customers.

“This puts Joe and The Juice in an ideal position to develop our core markets with greater opportunities than ever before. Our ambitions for the future are high, and it is clear to me that Joe and The Juice is entering a new era with a successful turnaround.”