2018 Q1 Release
Network sales, a leading indicator of the revenue Cooks expects to generate from design fees (new stores) and recurring revenues, such as royalties, coffee product and other retail sales, are ahead of the $9.7 million sales achieved in the three months to 31 March 2017. The Esquires network delivered the improvement despite store numbers falling to 93 stores from 98 stores at the end of the fourth quarter of the 2017 financial year.
During the period, Esquires opened a new store in the United Kingdom and two stores in the Middle East. However, these gains were offset by the closure of one store in the UK and four stores in China ahead of the sale of the business into a new joint venture. Additionally, three underperforming stores in the Middle East were closed.