// Cake Box to open three more stores after posting 6% half-year sales uptick
// It has already opened 9 new stores in the last six months
// Meanwhile, like-for-like sales grew 6.9% year-on-year
Cake Box’s chief executive has promised further growth after the vegetarian and egg-free cake retailer opened nine new stores across the UK in the last six months.
In a trading update today, the company said sales are will be up six per cent in the first six months of its financial year to around £8.8 million.
Meanwhile, like-for-like sales – which factors in stores that were open in the same period last year – rose 6.9 per cent year-on-year.
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However, shares in the cake retailer dropped slightly since this morning – by 2.9 per cent to 165p – as the firm opened one less new store than in the prior half-year period.
“We have continued with our new store roll-out, opening nine in the period,” chief executive Sukh Chamdal said.
“This was slightly lower than the comparative period last year; however, we already have a further three stores fitted out and, once the final legal processes are completed, will be open for trading and so will be recognised in the second half.”
Cake Box is known for baking its cakes to a strict lacto-vegetarian diet, with no meat products or eggs, helping it cater to religious communities and those making dietary choices.
It has grown from a beginning of one store in east London in 2008 and now has 122 across the UK.
In March it bought two warehouses in Bradford and Coventry for £1.4 million.
Cake Box will present full results for the half at the end of November.
“With a strong pipeline of new stores to meet our opening targets and a number of other developments under way to improve the Cake Box proposition, we remain confident in our prospects for the full year and beyond,” Chamdal said.
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