Lockdown birthdays whip up 84 per cent online sales surge at Cake Box
Cake Box whipped up a revenue of £21.9m, the company said this morning, as its online sales surged 84 per cent.
The company’s revenue rose 16.9 per cent in the year to 31 March, up from £18.7m the year prior.
Overall profits lifted 23.8 per cent, buoyed by the desire for a sweet treat in lockdown, taking in profits of £10.9m.
“In June 2020, amidst the onset of the pandemic, I wrote that “there will still be birthdays, marriages and numerous other occasions, large and small, to celebrate up and down the country” and our performance this year has clearly shown this to be the case as we cautiously emerge from the pandemic,” CEO Sukh Chamdal said.
The cakemaker reinstated a dividend of 3.7p, it confirmed this morning. Meanwhile, the company’s adjusted earnings per share lifted 7.7 per cent, to 8.4p per share.
“We have achieved record results during a year which included a global pandemic and the temporary closure of our entire store estate. We have ultimately emerged a bigger, better business,” the CEO continued, adding that the company is confident in its future.
The company is eyeing another 18 to 24 new franchisee store openings next year, as it said in April that it was holding franchise deposits for 52 sites across the country.