Peet’s Coffee rises 21% on jump in Q2 earnings
Shares of specialty coffee roaster Peet's Coffee & Tea Inc. (Nasdaq:PEET) are up 21% today after the company posted a 62% jump in its earnings per share after Thursday’s close. For the quarter ended June 29, net income was $3 million, or $0.21 per share, compared with $1.8 million, or $0.13 per share, for the same quarter a year earlier. Net revenue grew 17% from a year ago to $70.1 million.
“We're very pleased with our progress this quarter which was driven by strong, profitable growth in our grocery and other wholesale businesses, and improved operating efficiencies across the Company,” said Patrick O'Dea, president and CEO, in a statement.
“This enabled us to increase income from operations 87% and deliver 62% earnings per share growth despite the more challenging economic environment.”
At 10:14 a.m. ET, shares are at $23.58, up $4.09 from Thursday’s close. The stock has ranged from $18.50 to $30.37 during the past year.
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