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Tag: the coffee house

  • The Coffee House operator continues to rake up losses

    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 said that last year’s 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.

  • The Coffee House owner reports loss of $12 mln

    The Coffee House owner reports loss of $12 mln

    Seedcom Joint Stock Company, owner of The Coffee House and delivery company AhaMove, reported a loss of VND287 billion (US$11.96 million) for the first half, a 11% rise year-on-year.

    Seedcom CEO Nguyen Hoanh Tien said that the losses stemmed from two reasons, the first being the intensified investment and expansion into the B2B segment with omni-channel sales management solution Haravan, specialized F&B sales solution iPOS and a new unit to distribute consumer goods, CPG.

    Depreciation in the retail segment, the result of store development in recent years, was the other reason, he said.

    “By the second half of this year the financial results will certainly be better when business results are more positive.”

    The company’s chairman, Dinh Anh Huan, said Seedcom seeks to grow by 500% in 2022-25 and begin generating profits next year.

    Established in 2014, Seedcom also owns Giao Hang Nhanh (delivery), Juno, Hnoss (fashion), and Kingfoodmart (supermarket).

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  • The Coffee House operator posts $10 mln loss

    The Coffee House operator posts $10 mln loss

    Seedcom, the operator of The Coffee House beverage chain and June fashion outlets, posted a loss of nearly VND240 billion ($10.45 million) last year due to Covid-19 impacts. The loss increased by nearly 24 percent from 2020.

    Its debt-to-equity ratio rose by 26 to 69.5. It had nearly VND1.48 trillion in debt by the end of the year.

    Last year, it raised VND50 billion in bonds with a coupon rate of 12 percent per annum.

    The negative figures came as most of Seedcom’s business, including The Coffee House, Juno and another fashion brand Hnoss, had to shut down or operated with limited capacity for months due to social distancing.

    The Coffee House last year launched a kiosk model to focus on selling takeaways in crowded areas like supermarkets or main roads.

    But so far only two such kiosks have been opened in Ho Chi Minh City, despite CEO Le Ba Nam Anh’s plans to open a large number of such facilities.

    Seedcom, established in 2014, also owns delivery companies AhaMove, Giao Hang Nhanh and retail chain Kingfoodmart.

    Last year it branched into finance by partnering with Thai bank Kvision to provide payment and loan services to small and medium companies, focusing on cashless finance.

    It also sold farming unit Cau Dat Farm, which grows and processes coffee, to Nova Consumer under NovaGroup to focus more on retail.

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