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Peet's 1Q profit rises 48 percent on higher sales

By Associated Press
May 1, 2008 | Comments (0)

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Specialty coffee retailer Peet's Coffee & Tea Inc. said Thursday its first-quarter profit grew 48 percent because of higher sales in both its retail and specialty businesses.

For the quarter ended March 30, net income jumped to $2.1 million, or 15 cents per share, from $1.4 million, or 10 cents per share, in the prior-year quarter.

The results matched the mean estimate of analysts polled by Thomson Financial.

Revenue rose 17 percent to $67.1 million from $57.5 million in the first quarter of 2007. Analysts predicted revenue of $67.7 million.

The company said its retail revenue grew 14 percent, mainly due to stores that have opened in the past year. Sales in the specialty business grew 22 percent, helped by the company's expansion into more grocery stores.

Shares fell 8 cents to $23.89 in after-hours trading. During regular trading, shares rose 74 cents, or 3.2 percent, to close at $23.97.

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