NEWS
02/22/2016 08:38 EST | Updated 02/22/2017 00:12 EST

Second Cup ends last year with first profitable quarter since 2012

MISSISSAUGA, Ont. — Second Cup ended last year with its first profitable quarter since 2012.

The chain of coffee shops had $94,000 of net income in the three months ended Dec. 26, or one cent per share, compared with a loss of $469,000 or four cents per share in the fourth quarter a year earlier.

Same-store sales for locations open at least a year were up two per cent — the first time Second Cup has had positive same-store sales in 14 quarters going back to early 2013.

Second Cup (TSX:SCU) has been working to revitalize its brand and franchise network amid stiff competition from other coffee companies including Starbucks and restaurant chains including Tim Hortons and McDonald's.

The company's full-year loss was reduced to $1.153 million or nine cents per share, an improvement from the $27 million loss or $2.66 per share in 2014.

System-wide sales by the cafes fell to $46.9 million in the fourth quarter, from $49.4 million a year earlier when Second Cup had 37 more locations in its network.

Revenue for the quarter rose to $9.6 million from $8.4 million.

At the end of 2015, Second Cup had 310 cafes, including 32 owned by the parent company.

The Canadian Press