MISSISSAUGA, Ont. — The Second Cup Ltd. reported an increase in same-store sales of 0.2 per cent during the fourth quarter of 2015, the company’s first positive quarter since 2012. For the year ending Dec. 26, 2015, The Second Cup logged earnings of $94,000, or $0.01 per share, for the quarter compared with a loss of $469,000 or $0.04 per share in 2014. The company also reduced debt by $5 million.
“I am encouraged by our accomplishments in the early stages of our three-year transformational plan, including the improving sales trends and the progress we are making on returning to our asset light model,” says Alix Box, president and CEO, The Second Cup Ltd. “We remain focused on driving store sales and improving profitability for franchisees and the company through innovation and modernization of the store network.”
On the heels of this success, the company has updated its three-year plan to 2018. Key financial targets include growing system-wide sales to exceed $250 million; earnings per share targeted to exceed $0.50; a significant increase in average store sales; and significant free cash flow generation.
