Caribou posts Q2 earnings of $1.2 million
August 05, 2009
by Eric Schroeder
MINNEAPOLIS — Caribou Coffee Company, Inc. posted net income of $1,168,000 in the second quarter ended June 28, equal to 6c per share on the common stock. This compared with a loss of $2,432,000 in the same period a year earlier.
Net sales, meanwhile, fell narrowly to $62,954,000 from $63,183,000. Coffeehouse sales during the quarter fell 4% to $55,294,000, while commercial sales rose 29% to $7,660,000.
"We believe our financial results for the second quarter, which is our third quarter of positive earnings, reflect the traction we are gaining in our short-term initiatives," said Michael Tattersfield, president and chief executive officer. "Long term, we will seek to grow shareholder value by growing each of our three business channels, while continuing to enhance the Caribou experience through uncompromising execution and new and exciting product innovation."
For the six months ended June 28, net income was $1,514,000, or 8c per share. This compared with a loss of $8,838,000 in the first half of fiscal 2008. Net sales were $123,334,000, down from $124,940,000.