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Second Cup CEO Garry Macdonald to retire, Steve Pelton named successor

A detail shot of a flat white coffee at a Second Cup Coffee outlet in Toronto on Thursday, December 4, 2014. The Second Cup Ltd. says chief executive Garry Macdonald plans to retire at the end of the month. THE CANADIAN PRESS/Chris Young

MISSISSAUGA, Ont. — The Second Cup Ltd. says chief executive Garry Macdonald plans to retire at the end of the month.

The coffee chain says Steve Pelton, who co-founded the Landing Restaurants which were sold to Recipe Unlimited in 2014, has been appointed to succeed him.

The change in the executive suite came as Second Cup reported a profit of $750,000 or four cents per share in its first quarter compared with a loss of $138,000 or a penny per share a year earlier.

On an adjusted basis, Second Cup says it lost $295,000 or a penny per share for the most recent quarter compared with an adjusted loss of $138,000 or a penny per share in the first quarter of 2018.

Revenue totalled $6.2 million, up from $5.6 million a year ago, while system sales slipped to $34.3 million compared with $35.9 million.

Same cafe sales fell 0.9 per cent.

 

Companies in this story: (TSX:SCU)

 

 

The Canadian Press