Forbes:

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Coffee Republic PLC said sales for the six months to Sept 24 fell to 5.4 mln stg from 7.7 mln due to a ‘change in franchising’, as it announced that it had completed its first international franchise deal, in Bulgaria.

The group said operating losses widened to 0.9 mln stg against a loss of 0.7 mln stg one year previously, while net losses rose to 1.3 mln from 0.7 mln as a result of ‘operational cost pressures’ and an exceptional charge of 0.3 mln stg.

The new management of the company said it was aware that the balance sheet shows a deficit of net assets but that business plans were in place to resolve the deficit position.

Coffee Republic added that like-for-like sales have risen 3.4 pct in the 11 weeks since the end of the first half.

Chairman Peter Breach said that Coffee Republic had a ‘bright future’ and that he expects the domestic portfolio to ‘almost double in size’, with overseas outlets also due to start trading.

Originally posted by Dane Carlson on December 21, 2006 in Franchise Site.

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