News

Peet's net down on higher costs

May 3, 2007

EMERYVILLE, Calif. — Revenues at coffeehouse operator Peet's Coffee & Tea Inc. were $57.5 million for the first quarter ended April 1, up 16 percent from revenues of $49.7 million for the same period last year.

Net income for the quarter was $1.4 million, down 39 percent from net income of $2.3 million last year. The company attributed much of the decline to higher green coffee costs and costs associated with new store openings, and the opening of a new roasting plant.

The company opened eight new stores during the first quarter and plans to add a total of 30 stores this year. Peet's operates 150 specialty coffeehouses, mostly in California, and the company's coffee is available in more than 4,500 grocery stores.