MINNEAPOLIS — Caribou Coffee Company Inc. has reported flat comparable-store sales growth for the company's fourth quarter ended Dec. 30, 2007. Franchised coffeehouses are not included in the comparable coffeehouse net sales calculations.
Total net sales increased 5.2 percent to $70.2 million for the quarter, up from $66.7 million for the quarter ended Dec. 31, 2006.
The company's net loss for the quarter was $15.1 million compared to a net loss of $2 million for the same period in 2006. The net loss increase is attributable to closing expense and disposal-of-assets costs associated with the closure of nine coffeehouses, higher depreciation from impaired company-owned coffeehouses and higher G&A expense, according to the company.
"Continued progress was made on several key initiatives during the final quarter, when we delivered solid results despite widespread weakness in consumer spending," said Caribou CEO Rosalyn (Roz) Mallet. "We took some difficult but necessary actions in 2007 that will position Caribou Coffee for future growth and improved profitability."
For fiscal 2008, Caribou Coffee is projecting five to 10 company-owned coffeehouse openings along with 30 to 40 franchise coffeehouse openings.
