Cake Box LFL sales rise; non-exec chair to step down

(Sharecast News) - Cake Box reported a rise in like-for-like sales on Tuesday as it announced the departure of non-executive chairman Nilesh Sachdev. In the 17 weeks to 30 July, franchisee store LFL sales rose 6.8%. This is a 5.4% jump in LFL sales growth for the first 11 weeks of the financial year reported in the results on 26 June.

Cake Box said the positive trading momentum from the second half of the previous year has continued.

"The group has continued to maintain tight cost control and taken proactive action to minimise the inflationary impacts on its input and administrative costs," it said.

"There have been some improvements in input costs to the group, with fresh cream prices decreasing in the first quarter of the year. Cake Box remains mindful of significant inflationary pressures that still exist on its franchisees and customers across the country and therefore has passed on part of this cost reduction to franchisees to help strengthen their margins."

The company also announced that non-executive chairman Sachdev plans to step down at the half-year results in November after more than five years in the role to "concentrate on his growing commitments outside of Cake Box".