Green Mountain Coffee Roasters announced its fiscal 2011 third quarter results for the thirteen weeks ended June 25, 2011. Highlights in their third quarter results include an increase of net sales up 127 per cent over the same period in fiscal 2010, and GAAP operating income increase of 215 per cent and operating income up 185 per cent over the corresponding period in 2010. Net income increased by 206 per cent over the corresponding quarter. Much of the growth came from the company’s Keurig Single-Cup Brewing system, with 82 per cent of consolidated net sales in the third quarter from the product. Net sales from the portion packs totalled $485.4 million in the quarter, up 136 per cent over the same period in 2010. Net sales from the brewers and accessories totalled $105.4 million, up 66 per cent. “We believe our third quarter benefitted from our first-ever significant spring advertising and brand support programs, designed to raise awareness of the Keurig Single-Cup Brewing system and of our Brew Over Ice Teas and Coffees, perfect for the summer months,” says Lawrence J. Blanford, GMCR’s president and CEO. “We have seen awareness of the Keurig Single-Cup Brewing system grow faster and more broadly than we could have imagined just a few years ago.” Following the report, the company has upgraded its forecasts for the fourth quarter, projecting consolidated net sales growth of 100 to 105 percent, resulting in total fiscal 2011 consolidated net sales growth of 98 per cent to 100 per cent, compared to the prior estimate of 82 per cent to 87 per cent.
