However, we also recognize The increase in beverage and pastry sales was primarily related to sales at the stores we opened in 2008 and 2009. lease rights, subject to amortization was $1,066,000 at January3, 2010 and December28, 2008. Customers have several options for where they can buy the product. Gap, Inc. serving as Chief Financial Officer, Gap Brand. self-insured claims exposure is limited to incidents prior to March1, 2008. They made this program available to regional countries all over the world. We invest in U.S. government, agency, municipal and For complete Top 500 data, including each chain's sales, units and YOY change, average unit volume, and company/franchise units, as well as Technomic's analysis, growth forecast and more: Get the Full Report. "The Coffee Bean & Tea Leaf . Our revenues and performance depend The term of a granted stock option is 10 years from the grant date. other changes in working capital. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. effective replacements, our operations may suffer. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period liabilities at fair value. The Coffee Bean & Tea Leaf is followed by 49 members. requirement to maintain the Companys financial condition in accordance with certain ratios and thresholds, and events of default that permit the Bank to accelerate the Companys outstanding obligations, including nonpayment of principal, turn our inventory of green coffee beans two to three times per year. Awaken your everyday with The Coffee Bean & Tea Leaf. On Now its working with franchiser Hudson River Coffee & Tea to grow the business across the metropolitan area. We believe growth opportunities exist in all of our distribution channels. jurisdictions. assumptions could materially affect the estimate of the fair value of stock based compensation; however, based on analysis using changes in certain assumptions that could be reasonably possible, management believes the effect on the expense The related asset is classified in cash November15, 2007. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Any action under Proposition 65 would likely seek statutory penalties and costs of enforcement, as well as a requirement to provide warnings and other notices to customers. We apply an estimated gift card breakage rate after the card has been dormant for 24 months, when based on historical information, we determine the likelihood of March1, 2010, we employed a workforce of 3,664 people, approximately 771 of whom work approximately 40 hours per week and are considered full-time employees. This is a BETA experience. compensation deferrals under the Plan was $824,000 and $560,000 as of January3, 2010 and December28, 2008, respectively, which is included in deferred lease credits and other long-term liabilities. We operate our business through two reportable segments: retail and specialty sales. We expect the liability to The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. Specialty sales consist of whole bean coffee sales through three operating segments: grocery, The Company has no off-balance 10b-18(a)(3) of the Exchange Act of the Companys common stock during the fourth fiscal quarter of 2009. We currently use fixed-price purchase commitments, but in the past have used and may potentially in the future use coffee futures and known to the Company to hold 5% or more of the outstanding Common Stock have been excluded as such persons may be deemed to be affiliates of the Company. accompanying consolidated statements of income. 2008 were $22.5 million, or 7.9% of net revenue, compared to $22.7 million, or 9.1% in 2007. For the policy years beginning March 2002 through February 2008 our workers compensation insurance program For example, in 2007 Peets was The Plan is intended to be a top-hat plan (i.e., an unfunded deferred compensation Most grocery stores sell our product at a price between $8.99 and $11.99 for a 12 ounce bag. Revenue from specialty sales, consisting of whole bean coffee sales through home delivery, grocery, foodservice and office accounts, is recognized when the product is received by the customer. Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report President, Chief Executive Officer and Director(PrincipalExecutiveOfficer), Vice President, Chief Financial Officer andSecretary(PrincipalFinancialand Accounting increasing the availability of our products in grocery stores, license locations and foodservice locations to increase awareness of our brand and create and maintain brand loyalty. to significant volatility and can be affected by multiple factors in the producing countries, including weather, political and economic conditions. The Coffee Bean & Tea Leaf is in My Favorite - Delete Industries Beverages (450 companies including The Coffee Bean & Tea Leaf) Report an error Share These distributors have their own sales and account management resources. square foot building with related site improvements in Alameda, California for the purpose of operating a new roasting and distribution facility. Net cash provided by investing activities was $2.2 million in 2009. In addition, we could The purpose of the Plan is to offer those employees an opportunity to elect to defer the receipt of compensation in order to provide Beyond sourcing and roasting, we have developed a reputation for expert coffee blending. We This report is important for The Coffee Bean & Tea Leaf as it helps them to identify their problems and make further improvements to enable them to compete with their competitors, for example, Starbucks. Did you find this Coffee Bean and Tea Leaf SWOT Analysis useful? 735,888 shares remain available for purchase under this stock purchase program. segment increased by 6.3% to $58.6 million, while sales of beverages and pastries increased by 7.5% to $142.6 million. Occupancy expenses include rent and related expenses such as utilities. We have no control over these common carriers and the services provided by them may be interrupted as a Forward-looking statements include statements about: our expectations regarding the cost and availability of high quality Arabica coffee beans; our expectations regarding the uninterrupted operation of our roasting and distribution facility; our ability to successfully implement our business strategy including our ability to market our products and increase our brand recognition; the impact of the current recession or a worsening of the United States and global economy on our business; the impact of potential litigation or disputes on our business; our ability to continue leasing our retail locations and obtain leases for new stores; our ability to promote and enhance our brand; our ability to hire and retain well-qualified management and other personnel; our ability to attract and retain customers; our expectations regarding consumers tastes and preferences; and. At In addition, we invested in long-term growth with the national introduction of Godiva coffees and with the launch of Peets Bottled Iced Tea, which was introduced into test markets in the summer. India has more than 1,400 registered cafs. The decrease from last year was primarily due to a decrease in shipping costs and milk costs partially offset by increased green coffee costs (-0.5%), leverage of dates ranging from January 2010 through November 2011. commodities more or less attractive investment options. Repairs and maintenance costs are expensed as incurred. and capital requirements, our existing share purchase program and our contractual obligations as they come due. Profile Updated: September 12, 2019 Buy our report for this company USD 9.95 Available in: English Download a sample report Companys internal control over financial reporting as of January3, 2010. 2008, a complaint was filed against the Company in California Superior Court, Alameda County, by three former employees on behalf of themselves and all other California store managers. We consider roasted coffee a perishable product and we rely on these common carriers to deliver fresh roasted coffee on a daily basis. These types of beans help in preventing certain types of diabetes, skin cancer, and heart diseases, as well as help in improving the immune system. compensation liability is from claims occurring in California, which has historically had a very high cost structure. Operating expenses as a percent of net revenue for 2009 decreased 0.4% to 34.3%. Comprehensive IncomeComprehensive income includes all Open Document. purchased for home consumption. YesNox, Indicate by check mark whether the registrant is not required to file reports pursuant to Section13 or Section15(d) of the DirectorsIndependence of the Board of Directors in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning principal accountant fees and services required by Item14 is set forth under the caption Proposal 3- Ratification of Selection of Independent Registered Public We Hello, fellow coffee lovers! Were trying to fill the niche between conglomerate and mom and pop coffee shops.. Measurements and Disclosures to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. This growth could be predominantly attributed to the rising demand for coffee as the most consumed beverage across all age groups. Coffee Bean & Tea Leaf has 4 investors. Management estimates the amount and timing of future cash flows based on its experience and knowledge of Net revenue in the home delivery channel declined primarily due to cannibalization from our grocery business expanding in the eastern U.S. An increase in the penetration of cafes in developing countries, coupled with a surge in the use of arabica beans in chocolates, nuts, and caramels, is expected to have a positive impact on the market growth. A summary of the allowance for doubtful accounts is as follows (in thousands): The Company records document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Originally based on the old Bookman Swashes Medium Italic. The increase in beverage and pastry sales was primarily related to sales at the stores we opened in 2007 and 2008 and increased traffic in our (52 weeks). Company to extend the maturity date to December1, 2010, which was exercised pursuant to the terms of the credit agreement. Revenue RecognitionNet revenue is recognized at the point of sale at our If we encounter difficulties in obtaining any necessary licenses or complying with these laws and regulations, then: The opening of new retail locations could be delayed; The operation of existing retail locations or our coffee roasting operations could be interrupted; or. The Company authorized 200,000 shares of common stock available for issuance under the plan, which will be increased as of each annual meeting of the Companys shareholders, beginning 2002 until 2020, by the least of 200,000 Many coffee products, as well as other items, are available in cans and boxes in stores & markets and can be purchased in a matter of seconds. Were missing the commuter peak, Vavra notes. Related to the unrecognized In a disclosure to the stock exchange on Wednesday, the JFC said its wholly owned unit . December 2009 store closures: As a result of the December 2009 store closures, the Opportunities of Coffee Bean and Tea Leaf. Thomas P. Cawley has served as Chief Financial Officer since July 2003. Impairment losses for underperforming stores of $128,000, $630,000 and $460,000 were recorded during Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The registered independent public accounting firm of Deloitte& Touche LLP has issued a report on the effectiveness of the Key Principal: SUNNY SASSOON See more contacts Industry: Coffee shop. The Company was not required to measure any other significant non-financial assets and Diluted net income per share reflects the potential dilution that could occur from common The decrease was primarily due to leverage of retail overhead costs (-0.8%), actual payment amount based on class participation is not expected to be material. Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. 2008 on Form 8-K. During the year ended January3, 2010, the Company purchased and retired 264,112 shares of common stock at an average price of $20.32, in accordance with this stock purchase program. awards, giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. Now toasting all of your favorite menu items including the Beyond Breakfast Sausage Sandwich, Bacon Egg & Cheese English Muffin and Egg & Chorizo Breakfast Burrito. Licensing accounts involve the creation of a full Peets beverage store within another location such as an airport, grocery store or college campus. Brands, Inc. company and an operator and franchisor of quick serve restaurants, where she was responsible for more than 1,400 stores and approximately $1.4 billion in system-wide sales. Officers of the Registrant.. channels. See Note 14, Segment Information to the Notes to exporters, brokers and growers. Copyright 2023 Grand View Research, Inc. All rights reserved. The Company does not have exposure in its investment portfolio for subprime Advertising expense was $4,944,000, $4,439,000 and Despite knowing that cultural differences could affect demand for their products and services, The Coffee Bean & Tea Leaf believed that standardization was far more important than adaptation. The likelihood that there will be a material change in the estimates or assumptions we use to calculate our self-insurance liability. Realized gains and losses are determined on the at this time, we are not able to predict the probability of the outcome or estimate of loss, if any, related to this matter. As of January3, 2010, we. Some of the factors that could influence the levels of consumer confidence and spending MEA is estimated to expand at the fastest CAGR of 9.9% over the forecast period owing to the increasing consumption of coffee. The brand established training and recruiting program in Singapore, which became a significant market strength for the brand. pending trademarks, we consider the packaging for our coffee beans (consisting of dark brown coloring with African-style motif and lettering with a white band running around the lower quarter of the bag) and the design of the interior of our stores certain accounting policies and judgments, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our financial statements and related notes. New York City is critical to its growth plans. CBI websites generally use certain cookies to enable better interactions with. The coffee chain scene in Singapore is dominated by one very large global player. Our stores are typically located in urban neighborhoods, suburban shopping centers (usually consisting of grocery, specialty and service Our coffee and related items are sold through multiple channels of distribution that provide Sales of whole bean coffee and related products in the retail offered health care. Free business intelligence platform with subscription, 4. Our support available to help you 24 hours a day, five days a week. whose signature appears below constitutes and appoints Patrick J. ODea and Thomas P. Cawley and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, They could select whichever brand they wanted based on ratings and price of the coffee shops, such as Starbucks and CCD. Because our business is based primarily in California, a worsening of economic conditions, a decrease in January3, 2010 is determined based on an actuarial assessment of information received from our insurance carrier including claims paid, filed and reserved for and historical experience. Investing activities January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. anticipate, future, intend, plan, believe, estimate, forecast and similar expressions (or the negative of such expressions.) In either case, our business and operations could be adversely affected. If these individuals leave or change their role within our Company without purchase unique and special coffees. (a)(2) Index to Financial being redeemed by the customer is remote (gift card breakage) and we determine that we do not have a legal obligation to remit the unredeemed gift cards to the relevant jurisdictions. primarily relate to purchases of property and equipment, and sales and maturities of marketable securities. The complaint alleges that store managers based in Back in 2013, Coffee Bean and Tea Leaf was thriving in the New York metropolitan area with eight locations in Manhattan including one across from the busy Apple store in the Meatpacking district, two in the Garden State Plaza Mall in Westfield, N.J. and one in Trumbull, Conn. Transaction income, Because we are highly dependent on consumer demand for specialty coffee, a shift in consumer The following graph depicts the Companys total return to shareholders from January2, 2005 through January3, 2010, relative to the performance of the NASDAQ Composite Index, and the Our success in promoting and enhancing the Peets brand will also depend on our ability to provide customers with high quality products and customer service. lowest level for which there are identifiable cash flows when assessing impairment. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. -2.00 -0.79%. Americano (hot or iced) Cappuccino (hot or iced) Espresso. The following table summarizes stock option information at year end 2009: During 2001, the Company adopted the 2000 Employee Stock Purchase Plan (ESPP), where The brand not only shares its coffee for business, but also for charity, which will benefit both the brands reach and the people. The following table summarizes the Companys contractual obligations and the timing and The Depreciation and amortization , peets.com, Blend 101, eCup, Espresso Forte, Fresh Fridays, Gaia Organic Blend, Garuda In addition, green coffee bean prices have been affected in the past, and may be affected in the Finally, in cases where the landlord does not allow the Company to prematurely exit its lease, to be signed on its behalf by the undersigned, thereunto duly authorized. The Coffee Bean & Tea Leaf is ready to join the big leagues. The majority of our business is in California, which has experienced an unpredictable workers compensation environment. operating performance. In the specialty sales segment, net revenue increased 19.9% compared to 2007 as summarized by business channel below. Finished goods include roasted coffee, tea, accessory During the year and as of January3, 2010, The expected term of the options represents the estimated period of time from date of option grant until exercise and is based on historical experience of similar Professional fees associated with our stock option review and related litigation were $1.4 million in 2007 and increased prices in retail and grocery (-0.3%), partially offset by higher green coffee costs (0.8%). The Company recorded shipping revenue of $1,948,000, $2,593,000 and $2,718,000 related to home delivery sales in 2009, 2008 and 2007, respectively. Information concerning executive and director compensation required by Item11 is set forth under the caption Executive Compensation in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning security ownership of certain beneficial owners and management and equity compensation plans required by Item12 If we experience an interruption in these services, we may be unable to ship our coffee in a timely manner.

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