Caribou Coffee income down 38% in quarter

by Staff
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MINNEAPOLIS — Income for Caribou Coffee Co. was down 38% during the second quarter, in part due to a tax benefit during the previous-year period.

For the quarter ended July 1, the company had income of $2,759,000, equal to 14c per share on the common stock, which compared with income of $4,425,000, or 22c per share, during the same quarter of the previous year. Sales for the quarter were $81,125,000, up 1% from $80,270,000 during the same quarter of the previous year.

“We were pleased to have held pro forma net income steady compared to the prior-year period in the face of coffee commodity cost pressure and a lower contribution from the Keurig single-serve platform,” said Michael Tattersfield, president and chief executive officer. “Growth in comparable coffeehouse sales have also now been extended to 11 consecutive quarters and benefited from our continued focus on product innovation. In addition, we also reached a new franchise milestone of 100 international coffeehouses, further demonstrating the extensive popularity of Caribou Coffee outside of the U.S.”

For the six months ended July 1, the company’s income declined 86% to $4,000,000, or 20c per share, which compared with $28,496,000, or $1.43 per share, during the same period of the previous year. Sales for the six months were $161,666,000, down 6% from $152,545,000.

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