Danish juice bar chain, Joe & The Juice, brought in around 1 billion Danish Kroner (DKK) last year, but that is far from enough to cover their growing costs.
Joe & The Juice have also incurred substantial budget deficits, which have increased to DKK 113 million over the past year.
In 2017 the company was DKK 27 million in deficit, and an additional DKK 86 million has been added to that number since.
During 2018, Joe & The Juice invested to undertake a large international expansion. They opened 62 new juice bar locations, whereof two were situated in the US, in San Diego and Chicago.
As 2018 came to a close, the chain had a total number of 271 juice bars and 17 franchises, according to Joe & The Juice's financial report which was published late Wednesday evening.
”Management is generally satisfied with the company's development and financial results in 2018, and will continue to expand and invest in an international roll-out of the concept”, Joe & The Juice stated in the report.
In February 2019, Joe & The Juice got a new CEO: 33 year old Sebastian Vestergaard. In 2014, Vestergaard was selected as a one-to-watch talent by the Berlingske Talent 100.
With a big dose of confidence and 15 years of experience in different roles within the Joe & The Juice corporation, it is expected that Vestergaard will continue the company's success.
In 2019, 30 – 40 new juice bars will be be added to the chain. 40 being the goal, but the number of new juice bars will to some extent have to rely on how rental contract negotiations play out.
Due to the expansions, an increase in sales by 15-20 percent has been forecasted, which translates to 150-200 million Danish kroner.
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