The Nero Group reports strong results for the financial year ending 31 May 2024 and a record performance in the first eight months of FY25.

The Nero Group, the family-owned and operated premium coffee house business, has today announced strong sales of $680m for the financial year ending 31st May 2024 (FY24). The Nero Group, which currently operates 1,122 stores across 11 countries with more than 11,000 employees, reported in FY24 it had like for like sales growth of 8.4%, with overall sales up by 13% last year.

During that period at group level, sales increased to $680m, a rise of 13%, with Group EBITDA of $63m, a rise of 20%. In FY24 the Group also restarted its openings program and added 61 new stores across the world, 29 of which were in the UK. The Caffè Nero U.K. business increased sales from £302m (FY23) to £333m (FY24), a rise of 10%, with U.K. EBITDA at £38.5m, an increase of 17%.During the same financial year (FY24), the delivery business in the UK experienced strong growth of 17.5% year on year, and the Coffee at Home business (packaged coffee) had sales of £4.8m - growth of 65% including in-store sales of it’s coffee at home products of £2.4m.

In addition to in-store sales success, the Coffee at Home business saw the continued strengthening of partnerships with major supermarket and retail partners (sales through Amazon grew by 50%), and the expansion of the brand’s Waitrose partnership. The CN U.K. business also saw a 14% increase in iced drinks sales which resulted from the expansion of the “Coffee over Ice” menu range, led by the sustained popularity of the Pistachio Iced Latte product. The U.K. business also benefited from a strong promotional calendar, including the autumn Amaretto Latte, the high performing Christmas menu and the introduction of the Honey Oat Latte.

Commenting on the FY24 accounts, Founder and Group CEO, Gerry Ford stated: “FY24 was a very positive and encouraging performance by The Group. Despite high inflation for much of the year across all our territories and the impact of repeated train strikes in the UK, we continued to build sales momentum following a return to ‘normal’ trading after Covid. We delivered a particularly strong Q4 performance in FY24 which gave us real momentum heading into the current financial year, which we are continuing to build on. We were able to resume at pace our new store opening programme, which we will continue through FY25 and beyond.”

FY25 has shown strong results thus far. The Nero Group has had record results in the first 8 months of the year with LfL sales up 7.4% and overall sales rising by 13%. The Group has also increased its store count by 71 stores in the year thus far and now has 324 stores outside the U.K.

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Notes to Editors: About Caffè Nero

• Caffè Nero is the largest independent coffee house group in Europe.

• Caffè Nero remains a family-owned and operated business.

• The Nero Group operates over 1,100 stores across 11 countries

• The Group has more than 700 stores across the UK.

• The Nero Group currently employs over 11,000 people worldwide, with over 7,000 people in the UK

• Since 2016, through its charitable foundation, Caffè Nero has donated over $850,000 to UK and international humanitarian causes, as well as supporting and funding coffee farmers in the communities which produce Caffè Nero’s green coffee beans

• Caffè Nero was founded by Gerry Ford in 1997 and he continues to be the Group CEO.