Peet's Coffee & Tea Q4 Net Revenue Increases 16%
Peet's Coffee & Tea has reported net revenue increase of 16% to $91.7m for the fourth quarter of fiscal 2009, from $79.1m in the corresponding period of prior year. For fiscal 2009, net revenue increased 9% to $311.3m from $284.8m for previous year.
Retail net revenue increased 11% to $56.5m for the quarter from $50.9m for the corresponding period prior year. Specialty net revenue increased 25% to $35.2m for the quarter compared to $28.3m for the corresponding period of fiscal 2008.
Net income for the quarter increased to $10.3m from $4m for the year ago quarter. Diluted earnings per share were $0.76 for the quarter compared to $0.29 per share for the same quarter previous year.
Net income for 2009 increased to $19.3m from $11.2m for prior year. Diluted earnings per share were $1.44 for the year, compared to $0.80 per diluted share for previous year.
Patrick O'Dea, president and chief executive officer of Peet's Coffee & Tea, said: “We finished the year strongly. Our grocery business growth is accelerating and our stores are operating at a high performance level. We're entering 2010 with good momentum, a healthy plate of growth initiatives and a very strong balance sheet. All in all, we're well positioned to drive strong earnings growth again this year.
The company is targeting total net revenue growth of approximately 8% to 12%, excluding the impact of the 53rd week in fiscal 2009, resulting in 2010 net revenue of approximately $330 to $340m.
The company is targeting non-GAAP diluted earnings per share of $1.24 to $1.30 for fiscal 2010, which represents diluted earnings per share growth of 19% to 25% off of non-GAAP comparable 52-week earnings per share of $1.04 in 2009.
This earnings forecast excludes legal and related expenses the company will incur to comply with a subpoena it recently received from the Federal Trade Commission in connection with its anti-trust review of the proposed Green Mountain Coffee Roasters acquisition of Diedrich.
Related Insight
Suppliers Directory
Non-alcoholic Fruit Juice Energy & Sports Drinks Dairy Hot Drinks Soft Drinks Bottled Water
Technology Brewing Catering Equipment Packaging Process Technology
Markets & Regulations Markets Regulatory & Safety
Intelligence
Until recently, the beverages market was divided simply between alcoholic and non-alcoholic beverages. As consumers’ tastes grew more sophisticated and demand surged for a variety of beverage options catering to lifestyle changes and health concerns, the beverages industry has responded with a dizzying array of options to choose from. This report focuses on the U.S. and world markets for beverages across several broad categories. For the purposes of this study, TriMark Publications has divided the global beverages markets into the following product segments include: 1) alcoholic beverages such as wines, beers and spirits; 2) non-alcoholic beverages such as bottled water and milk; 3) brewed beverages such as coffees and teas; 4) carbonated beverages such as sodas and soft drinks; 5) non-carbonated juice products both fresh and pre-packaged; and 6) energy drinks which are generally caffeinated beverages in both carbonated and non-carbonated forms. For each market segment, this study presents the latest information on size, growth rates, sales projections and factors influencing growth in the U.S. and internationally. Reports Buy online from $449
Comments may be moderated for spam, obscenities or defamation.