MISSISSAUGA, Ont. — Second Cup has spent the past year in transition, from introducing a rebranded “café-of-the-future” concept dubbed Second Cup Coffee Co., to adding a new executive team. Although sales have not rebounded, the team is “beginning to see progress,” said Alix Box, president and CEO.
According to the Mississauga, Ont.-based company’s annual report, same-store sales were down 3.9 per cent for the fourth quarter and down 4.7 per cent for the full year. But, during the first nine weeks of 2015, same-store sales improved to -1.2 per cent. “After excluding one-time costs and write downs, the company still delivered positive cash flow. Now, with the strong support of our Board and our franchisees, our revolution is poised to gain ground in 2015. We are beginning to see progress, and we look forward to building on this momentum as more Canadians fall in love with Second Cup all over again,” adds Box.
As part of a three-year strategic plan, which aims to improve franchisee profitability and better position the publicly traded company for success, the corporate office team acquired 19 franchised units in the Toronto area and made several key executive appointments. It will also be rolling out its new artistic café concept during the next three years.
