Sunday , June 4 2023

The Coffee House operator continues to rake up losses

Seedcom, which owns The Coffee House and fashion store chain June, has reported a 14.5% increase in losses to VND270 billion ($11.5 million) last year.

However, revenues rose by 60% thanks to increasing contributions by its fashion and supermarket chains, according to its consolidated financial results.

Since the onset of the Covid pandemic it has made losses for three straight years.

Seedcom chairman Nguyen Hoanh Tien told VnExpress that last year losses were inevitable because the company expanded its retail networks.

“High interest rates, rising rents and increased costs of raw materials and logistics strongly affected the profit margin of the retail industry.”

Last year Seedcom’s liabilities decreased by 16% to VND1.2 trillion. This year it redeemed bonds worth nearly VND250 billion.

It owns delivery companies AhaMove and Giao Hang Nhanh, fashion brands WeStyle, Juno and Hnoss, online retail platform Haravan, and restaurant management solutions provider iPOS.

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