Peet's Q1 Revenue Increases 13%
Peet's Coffee & Tea has reported revenue of $81.2m for the first quarter of fiscal 2010, an increase of 13% compared to $72.1m in the same quarter last year.
Net income for the first quarter was $3.1m, which was equal to the net income for the corresponding quarter of prior year. For the quarter, diluted earnings per share were $0.22 compared to $0.23 per share in the corresponding period of fiscal 2009.
Retail net revenue increased 4% to $50.1m for the quarter from $48m for the corresponding period of fiscal 2009. The increase was primarily attributable to growth in existing stores. The company ended the quarter with 193 stores compared to 190 stores at the end of the first quarter in 2009.
Specialty net revenue increased 29% to $31.1m from $24.1m for the prior year quarter. Within specialty sales, the grocery business was up 39% over last year; the foodservice and office business up 27%; and home delivery sales were down 1%.
Patrick O'Dea, president and CEO of Peet's Coffee & Tea, said: Overall, we're off to a good start in the first quarter driven by strong grocery growth and improving retail sales trends. Sales were a bit stronger than expected across all channels, particularly grocery where we grew 39%, and our key growth initiatives are on track.
For the fiscal 2010, the company is targeting total net revenue growth of approximately 8% to 12% resulting in 2010 net revenue of approximately $330m to $340m.
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