Mon 18th Oct 2021 - Caffè Nero reports sales now at 87% of 2019 levels, pays back all debt borrowed during pandemic Caffè Nero reports sales now at 87% of 2019 levels, pays back all debt borrowed during pandemic: Caffè Nero has reported sales have now reached 87% of 2019 levels, with the company expecting to reach sales levels of 90% in November. The company has been cash flow positive for each of the past 11 months and the business has now paid back all the debt it borrowed during the pandemic. Sales have also continued to build each month with growth of 160% from January to October this year. Caffe Nero stated: “Parts of the Caffè Nero estate, namely stores in market towns and suburbs, are already back to 2019 sales levels. Stores located in high street shopping and destination shopping areas are almost back to 2019 sales levels. However, central London stores and transport hub stores have been recovering somewhat slower, although recent upticks in these segments have occurred in September. Additionally, through the pandemic Caffe Nero has continued to develop and improve its coffee at home business of capsules, whole beans and ground coffee products. It has recently established retail partnerships with Amazon, Sainsbury’s and Waitrose to carry its coffee range. Similarly, sales through delivery partner UberEats have been growing, rising 200% in like-for-like sales in the summer and autumn. The UK government’s lifting of restrictions and the UK’s return to some semblance of normality, combined with the actions and improvements to the business that management have implemented, have resulted in Caffe Nero achieving £15m of Ebitda in the first quarter of its financial year (June to August 2021). Finally, Caffè Nero is also pleased to announce that it has now paid back all the debt it borrowed during the pandemic. This means that its current debt situation is the same as its pre-pandemic level.” Gerry Ford, founder and group chief executive, said: “We are coming back. We are not there yet, but Caffè Nero is on the road to recovery. Each month trading is getting stronger and our prospects and opportunities going forward are becoming more encouraging. We had a strong first quarter and many parts of our store estate are back to 2019 sales levels or are even experiencing positive like-for-like sales. We expect to see that trend continue and sales to strengthen further over the coming weeks and months. This solid trading is very encouraging and is providing a good platform for us to restart the engines and open a series of new stores over the next 12 months.”