“The cost of coffee has risen dramatically this year and is now close to a 13-year high,” said Patrick O’Dea, president and CEO. “We’ve been successful in offsetting a significant portion of these costs, enabling us to delay action until now and keep the price increase to a minimum.
“Despite the rising cost of coffee on the world market, we remain committed to buying the finest-quality beans, roasting them by hand in the world’s only Leed Gold Certified Roastery, and delivering the freshest coffee to our customers.”
Peet’s also indicated it would selectively raise prices on packaged beans in its other channels of distribution either sometime during the company’s calendar fourth quarter or early next year.
The company also reaffirmed its fiscal 2010 GAAP diluted earnings per share target of $1.22 to $1.25, and non-GAAP diluted earnings per share target of $1.27 to $1.30.
The non-GAAP earnings per share target excludes $0.05 of costs related to the company’s response to the subpoena it received in connection with the Federal Trade Commission’s anti-trust review of the acquisition of Diedrich Coffee by Green Mountain Coffee Roasters.
Source: Peet’s Coffee & Tea
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