The directors of French-style brasserie chain Cote have vowed to carry on opening outlets despite admitting they are “very mindful” of the impact that a change in consumer confidence could bring in the wake of uncertain economic conditions.
The firm said in its latest annual report, which was published yesterday, that it remains confident in its “incredibly strong” brand as it enters its tenth year of trading.
Like-for-like sales for the year to 30 July 2017 increased 4% to £140.7m, which represented 16% growth on an overall basis. Operating profit remained flat at just over £10m.
“The company continued its investment in the portfolio in the period, opening 10 restaurants, with an additional restaurant under construction at period end,” said directors of the chain, which now operates 94 restaurants in the UK.
They added that they were “very pleased” with performance and, while no future store targets were given, revealed that potential new locations were assessed at board level every month.
“Competition for new sites remains fierce and the risk of selecting the wrong locations can impact on the profitability of the company. We have a dedicated and experienced acquisitions team who have access to a range of internal and external data sets to help them accurately gauge the potential of new sites and these are presented weekly to the directors and reviewed by the board each month.”
Cote claims to adhere to a strict value for money philosophy, focusing on selling authentic French dishes made with quality and fresh ingredients at affordable prices.