Caribou Coffee Co., the nation's second-largest coffeehouse chain behind Starbucks, said its second-quarter profit more than doubled on strong restaurant and retail sales.
For the quarter ended July 4, Minneapolis-based Caribou’s net income rose to $2.4 million, or 12 cents per share, compared with $1.2 million, or 6 cents per share, in the second quarter of 2009.
Revenue grew 9.4 percent to $68.9 million, comprising increases of 4.4 percent in coffeehouse sales, 51 percent in sales of packaged coffee and 28.6 percent in franchise sales.
Caribou said same-store sales at its coffeehouses rose 4.8 percent, marking the second consecutive quarter of positive same-store sales since the company rolled out a brand makeover that included new signage and product lines.
“I am very pleased with our solid financial performance for the quarter and, more importantly, with the progress we are making in building our future toward becoming a multichannel branded coffee company,” president and chief executive Michael Tattersfield said in a statement.
Caribou introduced oatmeal this January to make further in-roads in breakfast food sales, joining competitors like Starbucks, McDonald’s and Jamba Juice. In March, its corporate rebranding built upon its tagline, “Life is short. Stay awake for it,” got underway with a new logo and new packaging, signage and advertising. The chain also recently bolstered its tea offerings, with four flavors of Tea Latte Fusions and four varieties of Signature Iced Tea.
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