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Caribou CFO resigns
January 10, 2008
Caribou Coffee Company Inc.'s chief financial officer George Mileusnic has resigned to "pursue other interests," less than two months after the resignation of chief executive Michael Coles.
Minneapolis-based Caribou has hired Kaye R. O'Leary as acting CFO, effective immediately, during its search for a permanent executive team. O'Leary was the CFO of Buca Inc. from 2005 to 2007. She joins interim CEO Roz Mallet on the executive team.
For the company's fourth quarter, comps remained flat while sales increased 5 percent to $70 million. Other sales — 7.8 percent of fourth-quarter revenue — rose 84 percent on greater contribution from commercial channels and franchise income, according to Baird analyst David Tarantino.
In the fourth quarter, Caribou closed nine locations, resulting in 28 closings in 2007.
While detrimental to short-term margins, the aggressive approach to closing underperforming locations should aid longer-term results, Tarantino said.
Tarantino maintains solid growth ahead for the company through unit expansion, comps and other revenue growth. Additionally, an increased focus on licensing plus a higher sales base should support improved profitability over time, following earnings declines and net losses in 2003 through 2007, Tarantino said in a Baird report.
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