Gourmet Master Co (美食達人), a major coffee shop and bakery chain operator, yesterday said it is upbeat about sales for the rest of this year, supported by quick outlet expansion in the US.
The company, which operates bakery chain 85°C (85度C), entered the US market in 2008.
“Although revenue from US-based outlets contributes only 10 percent to the company’s total revenue, we see strong growth momentum in the US market, compared with Taiwan and China,” Gourmet Master investor relations director Chris Lee (李翰霖) said by telephone yesterday.
The company operates 22 85°C stores in California and one in Texas, with revenues expected to grow by 30 percent this year.
The company attributed the growth to a fast-growing customer base in the US, following its customized marketing strategy, Lee said, adding that the products offered at the US outlets, which feature Asian flavors, have attracted more local customers than expected.
“Market acceptance of our products has increased in California and Texas, which stimulated sales significantly,” Lee said.
About 75 percent of US customers are now non-Asian, compared with only 20 percent in 2008, he added.
Gourmet Master plans to open two more US stores by the end of this year and might expand its footprint from the west coast to the east coast, Lee said.
In the first nine months of the year, consolidated revenue rose 10.27 percent to NT$16.55 billion (US$522.4 million) from the same period last year, company data showed.
Revenue for last month fell 0.98 percent to NT$1.93 billion, dragged by the depreciation of the yuan, the company said in a statement.
Gourmet Master said it would next year also open more outlets in Taiwan and China, which account for nearly 20 percent and 70 percent of the company’s revenue respectively.
Besides store expansion, the company aims to streamline mobile payment services to boost sales in the near future, Lee said.
The rosy sentiment is not unfounded, as local food and beverage providers tend to generate stronger revenue in the fourth quarter, the traditional high sales season.
Restaurants and retailers last month saw their total revenues increase, Ministry of Economic Affairs data released yesterday showed.
Gourmet Master shares yesterday dropped 0.18 percent to NT$285 in Taipei trading, underperforming the benchmark TAIEX, which gained 0.17 percent to 9,322.50 points, Taiwan Stock Exchange data showed.
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