Peet's Coffee & Tea 1Q profit jumps 46 percent

Gourmet coffee chain Peet's Coffee & Tea Inc. said Tuesday its first-quarter profit jumped 46 percent to top Wall Street expectations due to revenue from new stores and strong grocery store sales of its coffee beans.

For the quarter ended March 29, net income rose to $3.1 million, or 23 cents per share, from $2.1 million, or 15 cents per share, a year ago.

Revenue jumped 7 percent to $72.1 million from $67.1 million.

Analysts polled by Thomson Reuters expected profit of 18 cents per share on slightly higher revenue of $75.2 million.

The company said its revenue was helped by sales from new retail stores opened in the past year. Peet's opened two new retail locations in the quarter.

Peet's also said sales of its beans at grocers were strong. At the end of the quarter, Peet's said about 8,400 grocery stores carried its beans.

The company also reiterated its guidance for 2009 profit between 94 cents and $1 per share. Analysts see profit of 97 cents per share.

Shares closed earlier up $1.38, or 6 percent, at $24.52.