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.
