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Peet's net up 11 percent
October 28, 2008
EMERYVILLE, Calif. — Revenues at Peet's Coffee & Tea increased 12 percent to $68.5 million for the company's third quarter ended Sept. 28, compared with revenues of $60.9 million for the 2007 third quarter.
Year-to-date revenues were $205.7 million, up 15 percent compares with revenues of $178.5 million for the same period last year.
Net income for the quarter was $2 million, up 11 percent compared with net income of $1.8 million for last year's third quarter. Year-to-date net income was $7.1 million, up 40 percent compared with net income of $5.1 million for the first nine months of last year.
The company projects revenue to grow by 12 to 15 percent in 2009, Peet's officials said, with earnings per share expected to grow by 20 to 25 percent. The company plans to open about 10 new retail locations and 30 to 40 new licensed locations next year.
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