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Caribou hires Yum vet for CEO post

MINNEAPOLIS Caribou Coffee Co. Inc. said it has appointed former Yum! Brands Inc. executive Michael Tattersfield to the posts of president and chief executive. He succeeds interim CEO Rosalyn Mallet.

Tattersfield most recently was chief operating officer of Lululemon Athletica, a yoga-inspired athletic apparel company. Before that, he worked for Yum for 13 years in various roles, including chief executive and managing director of Yum’s Puerto Rico division, chief financial officer of the Mexico division and president of A&W All American Food.

Mallet had filled the CEO role on an interim basis for nine months, following the resignation of Michael Coles, who was also chairman. She previously was president and chief operating officer of the coffeehouse company.

Also on Tuesday, Caribou reported that it narrowed its second quarter net loss to $2.4 million, or 13 cents a share, from a loss of $3.9 million, or 20 cents a share, a year ago. Total revenue for the second quarter ended June 29 rose 0.5 percent to $63.2 million, which includes wholesale accounts to grocery stores. Coffeehouse-only sales fell 3.5 percent, to $57.3 million.

Same-store sales fell 1.7 percent in the quarter, Caribou reported.

Caribou said it booked a charge of $1.3 million in closing costs during the quarter, mostly due to the shuttering of six underperforming company stores. That compares with closing costs of $133,886 in the year-ago period.

Franchisees, meanwhile, opened 12 stores in the quarter, Caribou reported.

Caribou, which was founded in 1992, now oversees 490 coffeehouses, including 75 franchised stores.

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