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Danish Joe & The Juice was in deficit for the fourth consecutive year in 2019. Now management announces that the virus crisis will weigh on the year’s results.
published:
Danish juice and sandwich chain Joe & The Juice should record its fourth consecutive year of losses for the group. In 2019, the loss was DKK 333 million.
This is stated in the company’s annual report, which was released this week.
The deficit has also grown compared to the years that have passed. In 2018, the loss was DKK 113 million, a year before the chain lost 27 million, while in 2016 the loss was NOK 15 million, according to accounts.
However, during the first two months of 2020, turnover increased by 24 percent compared to last year.
But since then, the viral crisis has seriously erupted, and management expects this to show up in both revenue and EBITDA this year.
– Management’s current expectations are that the negative effect of covid-19 will lead to a decrease in turnover from 20 to 30 percent, compared to original expectations for 2020, according to the report.
The Group has previously decided to obtain a loan for a total value of DKK 100 million. The loan comes as part of a Danish state economic crisis package. At the same time, the company’s shareholders have contributed DKK 200 million, according to the report.
It also shows here that the Group’s long-term debt was DKK 996 million at the end of 2019.
Many new store openings and lack of profit have increased the company’s debt in recent years, writes Danish Finance.
