East-Asian inspired fast food chain Itsu has said it is confident it will return to like-for-like sales growth this year.
In documents filed to Companies House last week, the high street chain posted its financial accounts for the period ended 31 December 2020.
Group revenue hit £61.7m for the period, which was marred by Covid lockdown measures, compared to £127.8m in 2019.
Itsu stores in central London and other office worker hubs were hit especially hard during the pandemic as office employees worked from home instead of commuting.
The company said it expected its high street division to resume like-for-like growth in the first half of 2022, compared to 2019.
The brand experienced “exceptional trading” with its grocery division during the pandemic. Grocery sales grew £5.4m or 35 per cent over the 2020 financial year.
Consumers sought out “new, more interesting, and healthier alternatives to supplement their lunch and dinner choices,” its accounts stated.
Last year, the firm’s chief executive Ganan Kanagathurai revealed it was eyeing up to 150 new sites in the UK.
In an interview with MCA, the hospitality boss said he was eyeing market towns and areas outside London.
“It would takea brave person to invest in Zone One at the moment, but that doesn’t mean there aren’t lots of growth opportunities outside London,” Kanagathurai said.
The company is also looking to expand internationally after it opened its first shop in Europe in Brussels Airport.
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