The Second Cup has reported an annual loss of $27-million or $2.66 for the 52 weeks ended Dec. 27, including a net loss of $469,000 or four cents per share in the fourth quarter In 2013 Second Cup lost $7.4-million or 74 cents per share for the year, but earned a profit of $1.2-million or 12 cents per share in the fourth quarter. The 2014 fourth quarter included a $391,000 provision for café closures and a $692,000 item for acquisition of some franchise shops..The 2013 fourth quarter including $883,000 for restructuring charges, a $105,000 provision for closures, and a $299,000 charge for asset impairments. Same-store sales at locations open at least a year was down 3.9 per cent in the fourth quarter and down 4.7 per cent for the full year, while the number of shops as of Dec. 27 was 347, down from 356 a year earlier.For the full year, Second Cup had adjusted earnings of 20 cents per share, down from 54 cents per share in fiscal 2013. Annual revenue for Second Cup rose to $28.2-million from $27.2-million while system sales dropped to $182.8-million from $191.4-million in fiscal 2013.
