Caribou Coffee reports net income of $35.2 million for Fiscal 2011

Caribou Coffee Company, Inc. the second largest company-owned premium coffeehouse operator in the United States based on the number of coffeehouses, reported their Fiscal 2011 results on 22 February.  Highlights for the year include consolidated sales increasing by 15 per cent, leading to net income attributable to Caribou Coffee Company, Inc. of US$35.2 million. Comparable coffeehouse store sales for the fiscal year increased 4.7 per cent, while commercial and franchise sales increased 62.3 per cent. The fourth quarter performed strongly, with consolidated sales increasing 18.8 per cent during the period. Net sales for the quarter of US$92.5 million marked an increase of $14.6 million, from $77.9 million in the comparable quarter of 2010. “Our fourth quarter marked the conclusion of a fantastic year for Caribou Coffee, in which we made progress strategically, financially and culturally,” Michael Tattersfield, the Company’s President and CEO commented in a press release. “We are pleased to have delivered another solid quarter, one that rounds out a record year of financial performance for Caribou.” For the upcoming financial year, the company said it expects net sales growth of approximately 10 per cent. This would include comparable coffeehouse sales growth of 2 to 4 per cent, and commercial sales growth of approximately 20 per cent. The company expects to open 55 – 70 new coffeehouses, of which around 20 will be company-owned coffeehouse openings. “Looking ahead, we are optimistic about what we can achieve across each of our business lines, but are particularly excited to be resuming meaningful development of company-owned coffeehouses,” Tattersfield said in a press release. “As always, we will continue to provide the meaningful experiences our guest’s love, while enhancing returns for our shareholders.”

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