As recent reports indicate, itsu is flourishing and has plans for continued rapid expansion to 50 outlets by the end of 2013.
The sushi chain, which was founded by Julian Metcalf of Pret a Manger fame, has posted a 22% rise in turnover for 2012 to £45.2 million, with like for like sales growth of 8.3%. However, the impact of their menu overhaul was to reduce margins whilst attracting new customers, with profits falling from £3.6 million to £3.3 million.
Their financial results attracted the following comments from Landen Prescott-Brann, Chief Financial Officer:
“During 2012, the business continued to grow, delivering year on year turnover growth of +22%, driven by strong like-for-like sales growth (+8.3%) and the opening of eight new stores. This momentum has continued into 2013, with overall turnover growth now at +20%, and EBITDA growth of +80%.
“Four more stores have also been opened since the beginning of the year, including the successful opening of the first store outside London, in Cornmarket St, Oxford, and there are another four planned to be opened before the end of the year, bringing the total estate to close to 50.
“In 2012, the business also chose to invest heavily in innovation and diversifying the menu, and as a result margins were impacted and EBITDA fell slightly. The investment has set the business up well for the future, with significant growth now being seen in sales outside lunchtime, and the appeal being much greater amongst a wider group of customers.”