Tully's opened its first store in 1992, and its cafes are located in Arizona, California, Idaho, Oregon and Washington. The chain sells coffee made from beans all over the world in a variety of specialty drinks at its café locations, and provides wholesale coffee for restaurants, offices and other businesses.
During the company's most recent quarter, which ended Dec. 31, same-store sales rose 7% year over year, while overall sales rose 4.4%, to just more than $10 million. Tully's had opened 16 new stores in the past 12 months up to the end of the quarter.
Of the company's total store count, 36 of its units are franchised, including locations in non-traditional venues such as airports and universities. Tully's products are also sold in about 4,000 grocery stores across the country.
A public offering by Tully's would add another chain to a field that is already populated by locally based Starbucks, Emeryville, CA-based Peet's Coffee & Tea and Caribou Coffee Co. of Minneapolis. Starbucks is the hands-down leader in store count, with nearly 9,500 domestic units.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.