UK, China & Europe on Costa's target for expansion
Costa, one of the premier coffee chains of the UK is all set to widen its horizon across the UK, China and continental Europe by opening more stores in future. Costa is one of the major brands of the Whitbread PLC Group. The group has ramped up its sales target for Costa to reach 2.5 billion pounds by 2020 from a previous target of two billion pounds by 2018.
As per the Whitbread PLC Group results for the financial year to 26th February 2015, Costa witnessed a total sales growth of 17.9 per cent, with system sales up by 16.6 per cent and the UK like for like sales up by 6 per cent. The group hiked its full-year dividend by 19.4 per cent to 82.5 pence a share. Andy Harrison, Chief Executive Officer, Whitbread PLC Group said, “This year has been an excellent one from the business perspective. Costa has extended its footprints with 219 net new stores worldwide and 777 net new Costa Express machines. We are committed to strengthening our brands and organic network growth in selected international markets.”
The Whitebread PLC Group is looking forward to having a new CEO on board as Andy Harrison is believed to retire by February next year. Costa is one of the fastest growing coffee shops in the UK and the second largest coffee shop operator in the world which has diversified into both the at-home and gourmet self-serve markets.