Second Cup reports improved results in Q2

Canada’s Second Cup has reported initial earnings (EBITDA) of US$407,000 for the past quarter, an improvement on its loss of $100,000 in the same period last year. In total, the company sustained a net loss of $247,000 for the quarter, which is an improvement of $99,000 over the second quarter of 2016. Same store sales were up by 0.7 per cent in the quarter, which is the company’s the first positive quarter since Q4 2015. Garry Macdonald, appointed interim CEO in the quarter said, “I am pleased with our continued improvement in profitability. Our recently launched premium Flash Cold Brew and Better For You products were strong contributors to our sales this quarter.” Macdonald added: “We are focused on driving our same store sales momentum with further innovation including the introduction of Pinkberry frozen yogurt currently being tested in cafes. “We have designated one of our downtown Toronto cafés as an innovation centre for testing new ideas. In recent weeks, sales at this café have increased more than 20 per cent, with even greater increases in profitability. While this is only one café, I am very encouraged by consumer response to our new ideas. We plan to rapidly introduce successful initiatives into additional cafés.”