Retail coffee chain Juan Valdez Café closed the third quarter of 2013 with record profits totalling more than $50 million.
Procafecol, the parent company that manages the stores, reported profits of $52 million, a 20% rise from the same period in 2012.
Procafecol president Hernan Mendez Bages said: “The Juan Valdez stores are an investment in the future of the coffee growers of Colombia.” He added that the growth in the number of stores nationwide and the opening of stores outside Colombia have also played a key role in this rapid growth.
The 23% increase in gross profit is said to be down to reducing costs by 2% and increasing revenue to $25.5 million between January and September 2012, to $63 million in the first nine months of 2013.
Procafecol paid more than $2.25 million to the National Coffee Fund in the same period in royalties for the use of the brand Juan Valdez. The money is invested to provide public goods to Colombian coffee growers.
There are presently 244 Juan Valdez coffee shops, 169 are in in Colombia and 75 based in other countries including the United States, Mexico, Aruba, Panama , Ecuador, Peru , Chile and Spain.
At the end of 2013 Juan Valdez is projected to have 250 stores worldwide with openings in El Salvador , Kuwait and Malaysia . In 2014 there are store set to open in Guatemala, Costa Rica and Bolivia, and there is also said to be a planned expansion into the Middle East and North Africa.
Sources
- Juan Valdez logra utilidad récord de más de 100 mil millones (El Universal)
