Caribou Coffee Co. Inc. on Tuesday posted a 11 percent increase in quarterly profits, buoyed by new food offerings at its coffeehouses and surging sales at supermarkets and other commercial venues.
Brooklyn Center-based Caribou recorded net income of $1.79 million, or 9 cents per share, up from $1.61 million, or 8 cents a share a year ago. Stripping out one-time items, the company had a profit of 7 cents per share, a penny more than stock analysts expected.
Third-quarter sales were $81.4 million, up 16 percent from a year ago and 4 percent higher than analysts' forecasts.
"All in all, it was a pretty decent quarter," said Mark Argento, an analyst at Craig-Hallum Capital Group.
Caribou's same-store sales, a key financial metric that adjusts for newly opened stores, rose 4.1 percent over the same quarter last year. Overall, coffeehouse sales were $58.7 million.
Retail sales were boosted by Caribou's expanded breakfast menu, which kicked into full gear last winter; and new lunch offerings -- grilled cheese sandwiches -- launched this summer. "The food -- breakfast sandwiches, lunch -- is definitely helping," Argento said.
Caribou's commercial sales, which includes grocery and food service channels, were $19.8 million, up 76 percent from a year ago.
The company also provided a forecast Tuesday for its next fiscal year: Sales growth of 10 to 12 percent, and earnings per share ranging from 48 to 51 cents. Those forecasts were within expectations, Argento said.
Caribou's earnings were released after the market closed. In after-hours trading, shares were at $14.31, down 10 cents.
Mike Hughlett 612-673-7003