Peet's Coffee & Tea profit, sales up
Emeryville, Calif. Peet's Coffee & Tea reported Wednesday its third-quarter net income was $2.5 million, up from $2 million in the year-ago period.
Revenues increased 8%, to $73.9 million for the quarter.
"I'm very pleased with our performance," said Patrick O'Dea, CEO and president, Peet's Coffee & Tea. "We are leveraging the significant past investments we've made in our people, direct store delivery selling system, the new roasting facility and our store base to produce strong earnings growth.”
Retail net revenue increased 4% to $47.9 million for the 13 weeks ended Sept. 27. The company said the increase was attributed to new retail stores opened in the last 12 months. Peet’s opened three new retail locations in the quarter for a total of seven year to date. The company said it expects to open one additional store this year.