While Starbucks' profit drops, Peet's delivers

July 31, 2008

San Francisco Business Times:Peet's Coffee & Tea Inc.earned $3 million in the second quarter ended June 29, 2008, up from a profit of $1.8 million in the same quarter a year ago.

During the quarter, Peet's also opened four new locations, unlike rival Starbucks, which announced the closure of 600 U.S.-based stores and reported a third quarter profit loss.