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Cologne –
Vapiano in the crisis! The weak activity in Europe has significantly slowed down the restaurant chain set up in Hamburg in 2002 during the first nine months of the current year.
In the end, the pizza and pasta chain slid into the red. The adjusted loss amounted to € 13.2 million.
The success story is the first thing to do. In 2002, Mark Korzilius opened the first Vapiano restaurant in Neustadt, Hamburg. In 2005, the chain then moved to Bonn. In 2017, the move to Cologne took place – and the company was diligently expanded.
In total, the company operates 220 restaurants in 33 countries. But growth seems to be over now.
2017 still makes profits
In 2017, the company had made a profit of 1.6 million euros. Now, 13.2 million euros of loss on the balance sheet. Above all, a larger depreciation due to larger investments and higher interest costs are the main reasons for this decline.
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The management of Vapiano had already lowered its targets for 2018 Tuesday night. Not for the first time: by September, the company had also reduced its forecasts due to a collapse of the Swedish market. The third quarter also suffered a loss.
Revenues decreased by 0.3%
From January to September, Vapiano increased sales by 15% to 271.4 million euros, thanks to new restaurants and acquisitions, but its comparable revenues decreased by 0.3%. While things have improved in Germany and outside of Europe, Sweden has remained a hard point after nine months.
The company was launched in June 2017 on the stock market with 23 euros per share. In the meantime, the papers are worth only about 7 euros. Rumors that Vapiano should be removed from the stock market due to lower prices, had recently denied the group.
(Red)
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