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May 10, 2019

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

Second Cup

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MISSISSAUGA, ONT. — The Second Cup Ltd. (SCU.TO) 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.