The rise of the £10 protein shake has helped lift sales at Joe and the Juice to a record £45 million in the UK, its latest accounts show.
The Denmark-based business posted a 66% increase in revenues in 2022, more than double management’s expected revenue growth.
“Our juicers’ hard work and dedication resulted in our business scaling up rapidly, hence demonstrating the resilience and adaptability of our operating model,” the firm said, adding that it opened 10 new stores in 2022 to reach a UK total of 65.
But the company swung to a loss of £4.5 million for the year, down from a profit of £1.5 million in 2021. It predicted a further 20-30% sales growth in 2023.
A number of protein shakes at Joe and the Juice are now more than £10 each in the latest sign inflation continues to take its toll on Londoners’ pockets.
A ‘Red Supreme’ vegan protein shake with dates costs £10.60 at some of the firm’s central London stores, while its ‘Green Gains’ protein shake with spinach and banana costs £10.30. The company’s ‘Re-build’ and ‘Blue Magic’ vegan protein shakes are similarly priced when cacao nibs and hemp seeds are included in the order.
The company has 53 sites in London, according to its website, including stores in Kensington, Notting Hill and Mayfair.
In February, the firm agreed to spend $715,000 to improve diversity policies among its workforce after it was accused of failing to hire and promote enough women in the US, according to The U.S. Equal Employment Opportunity Commission.
The Copenhagen-based company, which has hundreds of sites around the world, said it “actively promotes gender equality” and had implemented a “more formalised recruitment process.”
