Second Cup announces quarterly results, sales figures up slightly

Second Cup reported on 11 August financial results for second quarter that ended 2 July 2011.  Highlights of the results included basic and diluted net earnings per share of $0.16 for the quarter compared to $0.21 in the comparable quarter a year ago, as well as gross profit of $5.7 million for the quarter, up from $5.5 million in the comparable quarter a year ago. Same café sales showed growth of 0.3 per cent in the quarter, largely a result of a price increase of approximately 2 per cent in April and some improvement in traffic trends, according to Stacey Mowbray, President & CEO of Second Cup.  “The focus for the balance of the year is to continue to drive same café sales through product news, media support, offers and in café execution, in addition to expanding the number of cafés in the system,” Mowbray says.  The company also noted that the implementation of the new café technology platform, previously announced, was on track with completion in all cafés by the end of 2011. The new platform is designed to provide improved management information and customer service, as well as simplifying administration. In the second quarter, the company had also announced that 80 per cent of their coffees and 100 per cent of their espresso beverages were now Rainforest Alliance certified.