The discussion of growth plans came during a conference call with financial analysts. In its quarterly financial statement for the period ending April 2, the chain reported that it earned net income of $2.3 million, or 16 cents a share, compared with $2.4 million and a penny a share more for the same quarter last year. Sales climbed 24.3% on a year-to-year basis to reach $49.7 million.
The chain expects to open at least 23 and up to 28 new stores during the year. The company's growth plans include a new roasting facility for which it broke ground recently.
Patrick O'Dea, president and CEO, declared the company pleased with the quarterly results, citing "consistently strong sales and profit" that will enable the chain to invest for the long term, including new store openings. During the latest quarter, it opened two new stores, bringing the company's total of locations to approximately 113.
The company attributed its increase in sales primarily to the opening of new retail stores in the last 12 months and growth in its existing stores, including two new locations that were opened in the latest quarter.
Besides its retail stores, Peet's sells its coffee in grocery stores, and it reported Tuesday that it is now in more than 4,000 grocery stores, or approximately 500 more than in the same period last year.
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