Cake Box plans to swell to 200 stores after e-commerce boost gives profits a 83 per cent jump
Cream cake retailer Cake Box has outlined plans to open more stores as it reported a pre-tax profit of £7.7m for the latest financial year.
This marked a 83.3 per cent jump from the previous years as it continued its post-pandemic recovery. Revenue rose by 50.7 per cent from £21.9m to £33m.
Neil Sachdev, non-executive chairman of Cake Box, said the business aims to open 24 new stores in the coming year, which should bring the total to 200 by autumn.
He added that the business will rely on e-commerce more heavily as this financial year saw the cake company record a 41 per cent growth in online sales.
Mr Sachdev said: “E-commerce is a key sales channel, and we continue to increase our capability and expand our customer reach through a dedicated delivery service.”
This will form an integral part of our growth over the next two to three years with the potential for Cake Box to be a 50/50 online and bricks-and-mortar business.”