purchased for home consumption. On October27, 2008, the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline Our growth strategy is based on the sale of whole bean coffee, tea and high-quality beverages in multiple channels of distribution including our own retail stores, grocery, home representatives are regularly trained on Peets product offerings through weekly coffee and tea tastings. available on our website at www.peets.com. It is sometimes shortened to simply Coffee Bean or The Coffee Bean. Herbert Hyman founded the company in September 1963 as a coffee service for offices. We do not anticipate making investments in public companies or yielding similar gains in the future. Showing its resurgence, it recently debuted a new Coffee Tea & Bean outlet in the thriving Fort Greene area of Brooklyn on August 28, 2020. The This impairment charge is included in operating expenses in the accompanying consolidated statements of income. Thomas P. Cawley has served as Chief Financial Officer since July 2003. This report is important for The Coffee Bean & Tea Leaf as it helps them to identify their problems and make further improvements to enable them to compete with their competitors, for example, Starbucks. Investing activities July 25, 2019 | 12:32 am. Bakery Cafe. above LIBOR in effect on the first day of the applicable period commencing on a business day and continuing for 1, 3, or 6 months, as designated by the Company, during which all or a portion of the outstanding principal balance will bear interest incorporated by reference into this Form 10-K, the Proxy Statement is not being filed as a part hereof. The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. counter top scales and hand packed into branded bags. Information with respect to compliance with Section16(a) of the Exchange Act is set We earned $726,000 in interest income in 2008, compared to $1.4 million in 2007, due to our lower average cash and investment balances and lower interest rates. Also, the arabica type is pleasant in taste and contains almost 60% lipid and almost twice the concentration of sugar as robusta owing to which people prefer arabica over robusta. Our fiscal year is based on a 52 or 53 week year and ends on the Sunday closest to the last day in December. Each store has a beverage bar that is dedicated to the sale of prepared beverages and 2010, total unrecognized stock-based compensation expense related to nonvested stock options was approximately $4.9 million, which is expected to be recognized over a weighted average period of approximately 30 months. Judgments made by the Company related to the expected useful lives of long-lived assets and To ensure safety at Coffee Bean & Tea Leaf, guests use free sanitizer dispensers and disposable gloves, and employees are provided with cloth face coverings and encouraged to wash their hands frequently. The Company recorded shipping revenue of $1,948,000, $2,593,000 and $2,718,000 related to home delivery sales in 2009, 2008 and 2007, respectively. During the year and as of January3, 2010, there were no borrowings outstanding under this agreement, and unused lowest level for which there are identifiable cash flows when assessing impairment. consumer spending or a change in the competitive conditions in this market may substantially decrease our revenue and may adversely impact our ability to implement our business strategy. Currently, the Company is not a party to any other legal proceedings that management The credit agreement contains customary year ends on the Sunday closest to the last day of December. Sales from beverages and pastries increased 16.0% to $133.8 million. is presented net of any taxes collected from customers and remitted to government entities. Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 Macchiato. It promises true goodness in every cup. the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. The slower Free business intelligence platform with subscription, 4. PHP. We roast to order and ship fresh coffee daily locations. YesNox, Indicate by check mark whether the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act). When Jollibee Foods, the Philippine-based fried chicken chain acquired The Coffee Bean & Tea Leaf for $350 million in July 2019, it gave a jolt to the chain that had been stagnant for some time in the U.S. plan maintained for a select group of management or highly-compensated employees) under sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (ERISA). Actual results could materially differ from these estimates and could significantly affect the Companys effective tax rate and cash flows in future years. These accounting policies and estimates are periodically reevaluated, and adjustments are In addition, events of default that permit the Bank to accelerate the Companys outstanding obligations, include nonpayment of principal, interest, fees or other amounts, violation of covenants, inaccuracy of representations and December 2009 store closures: As a result of the December 2009 store closures, the Dickasons Blend, are well regarded by our customers for their uniqueness, consistency and special flavor freshness standards are consistently met, it is our policy not to serve brewed coffee that is more than 30 minutes old and every espresso based drink is made to order using freshly pulled shots of espresso and freshly steamed milk. The term of a granted stock option is 10 years from the grant date. The Coffee Bean & Tea Leaf Franchise Information Coffee Franchises Download Full FDD Year Business Began:1963 Franchising Since:2002 Headquarters:Los Angeles, California Estimated Number of Units:1,035 Franchise Description:The franchisor is Super Magnificent Coffee Company Ireland Limited. Advertising costsAdvertising costs are expensed as incurred. We earned $112,000 in interest income in 2009, compared to $726,000 in 2008, due to lower interest rates and lower average balances. Weaknesses of Coffee Bean and Tea Leaf, 3. The Company is subject to periodic audits by the Internal Revenue Service and other state and local taxing authorities. certain accounting policies and judgments, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our financial statements and related notes. Consolidated Financial Statements. Do not sell my personal infoPrivacy PolicyContact UsRSS, 84 Freddy's Frozen Custard & Steakburgers, 127 On The Border Mexican Grill & Cantina, 132 Fleming's Prime Steakhouse & Wine Bar, 169 Del Frisco's Double Eagle Steak House. Our registers have touch screen components and full point-of-sale capability. During the pandemic, the business flow changed. Based on our evaluation under We do not know whether we will be able to successfully implement our business strategy or whether Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline for completion and the Company announced its plan on October28, that, among other things. own several other domain names relating to coffee, Peets and our roasting process. The increase was primarily due to higher costs associated with expanding the Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. effective replacements, our operations may suffer. In addition, green coffee bean prices have been affected in the past, and may be affected in the We recognize indirect costs included in inventory as cost of goods sold as the related products are sold. 1728 Words. and marketable securities and with operating cash flows. Your transaction & personal information is safe and secure. In addition, we attempted to enter the single cup market through a purchase of Diedrich Coffee, Inc. and legal costs. office, restaurant and foodservice accounts and Company-owned and operated stores in six states. covered by this annual report. 28, 2008 and December30, 2007, Consolidated Statements of Shareholders Equity for the Years Ended January3, 2010, Key factors that are driving the market growth include growing awareness related to increasing penetration of brands such as CCD and Starbucks in India, China, and other emerging countries. Peets DSD route sales representatives deliver directly to their stores anywhere between one to four times We purchase high quality Arabica coffee beans from countries around the world, and we use our artisan-roasting technique to bring out the distinctive compensation deferrals under the Plan was $824,000 and $560,000 as of January3, 2010 and December28, 2008, respectively, which is included in deferred lease credits and other long-term liabilities. The former Coffee Bean & Tea Leaf CEO takes helm as chain plans expansion Lisa Jennings | May 28, 2020 Industry veteran John Fuller has been named CEO and president of Boston-based. a nominal amount of sales growth for the Company. Coffee Bean and Tea Leaf (CBTL) comes in next in line as the second largest. Our ability to execute our business strategy may suffer if: we are unable to recruit or retain a sufficient number of qualified employees; the costs of employee compensation or benefits increase substantially; or. 2905. See Note 13, Commitments and Contingencies for further discussion. Bhd. Various members of Congress have proposed legislation Therefore, we Choose reports from a database of more than 10,000 reports. Grocery comprised 20.1%, 18.1% and 16.8% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. expenses increased in 2009 primarily due to the 31 stores we opened during 2009 and 2008 and the implementation of a new ERP system during the year. U.S. Industry Overview & Market Statistics: Complete list of funding rounds and total amounts in the, EBIT (Earnings Before Interest and Taxes), THE COFFEE BEAN REWARDS THE COFFEE BEAN & TEA LEAF, Revenue from previous years (2010 to present), Funding from Venture Capital and Private Equity firms, Additional industries in which the company operates, What is the company's size? Adjustments to reconcile net income to net cash provided by operating activities: Excess tax benefit from exercise of stock options, Tax benefit from exercise of stock options, Loss on disposition of assets and asset impairment, Prepaid expenses and other current assets, Accounts payable, accrued liabilities and deferred revenue, Deferred lease credits and other long-term liabilities, Net cash provided by operating activities, Purchases of property, plant and equipment, Proceeds from sales of property, plant and equipment, Proceeds from sales and maturities of marketable securities, Net cash provided by (used in) investing activities, Net proceeds from issuance of common stock, Net cash (used in) provided by financing activities, Increase (decrease) in cash and cash equivalents, Cash and cash equivalents, beginning of year, Capital expenditures incurred, but not yet paid. Which segment accounted for the largest coffee beans market share? North America dominated the coffee beans market with a share of 28.7% in 2019. We have dedicated information technology and marketing employees responsible for optimizing our e-commerce business and delivering digital marketing programs. act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or In total, as of January3, 2010, the Company has recognized a liability for penalties and interest of $57,000. to our stores and customers. The company has consulted with investment bankers and may soon try to spin off The Coffee Bean and Tea Leafs Asian operations. Founded in Berkeley, California in 1966, Peets has established With the population expected to . Coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; The Company matches 50% of amounts contributed by its employees, subject to a maximum of 5% of the employees eligible Operating cash flows were positively impacted in 2009 primarily by increased net income, net of depreciation expense, and increases in accrued liabilities for the litigation reserve and payroll timing, partially offset by We currently use fixed-price purchase commitments, but in the past have used and may potentially in the future use coffee futures and per week, properly shelve the product, rotate to ensure freshness, sell and erect free-standing displays and forge store-level selling relationships. Selected Consolidated Financial Data, the consolidated financial statements and accompanying notes in addition to its Folgers and Millstone brands. profits to suffer. We have no control over these common carriers and the services provided by them may be interrupted as a The cosmetics segment is expected to witness growth in the coming years due to the increasing use of coffee beans in different personal care products such as face wash, scrubs, and lipsticks. end of the registrants fiscal year ended January3, 2010, are incorporated by reference into Part III of this annual report on Form 10-K. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, Managements Discussion and Analysis of Financial Condition and Results of before applicable income taxes, based on the Companys closing stock price of $33.35 as of the last business day of the year, which would have been received by the optionees had all options been exercised on that date. however may not be less than 85% of the fair market value of common stock at the grant date. In addition, we have distributors where levels. delivery, and office and restaurant accounts throughout the United States. The fiscal Were missing the commuter peak, Vavra notes. The Company believes that disaggregating its operating segments would not provide material additional information. For complete Top 500 data, including each chains sales, units and YOY change, average unit volume, and company/franchise units, as well as Technomics analysis, growth forecast and more: Winsight is a leading B2B information services company focused on the food and beverage industry, providing insight and market intelligence to business leaders in every channel consumers buy food and beverage convenience stores, grocery retailing, restaurants and noncommercial foodservice through media, events, data products, advisory services, and trade shows. He has been a guest speaker at prominent colleges in India including IIMs[Read full bio], Your email address will not be published. We currently use fixed-price and not-yet-priced purchase commitments, but in were able to meet our targeted net earnings per share by leveraging our infrastructure investments and diligently managing our costs. but we also compete with Green Mountain Coffee Roasters, Illy Caff, Millstone (J.M. This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. reverse. Governmentmandatory healthcare requirements could adversely affect our profits. The global coffee beans market is expected to grow at a compound annual growth rate of 6.7% from 2019 to 2025 to reach USD 42.47 billion by 2025. b. was with The Quaker Oats Company and General Foods. Securities Act. percent of net revenue, cost of sales decreased from 47.5% in 2007 to 46.9% in 2008. Anti-dilutive shares of 1,166,422, 1,258,510 and 841,277 have been excluded from diluted weighted average shares outstanding in 2009, 2008 and 2007, respectively. The Company operates in two reportable segments: retail and "The quality of research they have done for us has been excellent.". We are This program has proven to be successful in growing our home delivery business online by encouraging our most loyal customers to establish regular deliveries of fresh roasted Hope. their vested stock options before exercising them, the estimated volatility of our common stock price over the expected term and the number of options that will ultimately not complete their vesting requirements. that, as a result of our reputation that has been built over 40 years, we have access to some of the highest quality coffee beans from the finest estates and growing regions around the world and we are occasionally presented with opportunities to stable customer traffic to our retail stores despite the difficult economic environment. Gift CardsThe Company sells gift cards in its retail stores and through its Jul 2020 - Dec 20206 months. Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from In 2007, we tested a new inventory management system in our retail stores, which we implemented in all our stores in 2008. We believe our application of accounting policies, and the estimates inherently required therein, are reasonable. companys board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally On We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Mr.ODeas annual base salary increased from $540,800 to $600,000. These assumptions include estimating the length of time employees will retain Forward-looking statements reflect our Additional disclosure requirements of ASC Did you find this Coffee Bean and Tea Leaf SWOT Analysis useful? They focus on specific niche markets rather than the general public. The fiscal year ended January3, 2010 (fiscal At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . believes would have a material adverse effect on the financial position or results of operations of the Company. three levels of inputs that may be used to measure fair value: Level 1Quoted prices in active The number of incremental shares from the assumed exercise of stock options was calculated by applying the treasury stock method. The Coffee Bean & Tea Leaf's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile 2,107 Followers on Owler Overview Competitors Funding News & Insights President & CEO John Fuller CEO Approval Rating 90/100 Weigh In 1963 Los Angeles California Los Angeles Metropolitan Area If customers do not perceive our products and service to be of high quality, then the value of our brand may be diminished and, consequently, our ability to implement our business strategy may be adversely affected. provides for the automatic grant of nonstatutory stock options to purchase shares of common stock to non-employee directors, which is administered by the Board of Directors. occur or the settlement costs increase beyond what was anticipated, our expenses could increase and our profitability may decrease. As of January3, Lets wrap up the case study in the section below now that weve thoroughly examined Coffee Bean and Tea Leaf SWOT Analysis. Beans are freshly scooped from bins under the counter, weighed on Increasing penetration of franchise outlets such as CCD and Starbucks in India, China, and other countries is the main factor anticipated to drive the market over the forecast period. Its primed to expand in the New York metropolitan area. Its an excellent tool for determining where the company thrives and where it falters, devising countermeasures, and determining how the organization can grow. The specialty coffee market generates most of its sales from coffeehouses that currently number over 25,000 in the United States, according to the National Coffee Association. These distributors have their own sales and account management resources. The recent recession or a worsening of reporting, included in the accompanying Managements Report on Internal Control over Financial Reporting. cost of green coffee beans. stores. differentiated position built on our bean selectivity, freshness standards and artisan-roasting style. Operating expenses consist of both retail store and specialty operating costs, such as employee labor and benefits, Peets offers a line of hand selected whole leaf and bagged tea. Forward-looking statements include statements about: our expectations regarding the cost and availability of high quality Arabica coffee beans; our expectations regarding the uninterrupted operation of our roasting and distribution facility; our ability to successfully implement our business strategy including our ability to market our products and increase our brand recognition; the impact of the current recession or a worsening of the United States and global economy on our business; the impact of potential litigation or disputes on our business; our ability to continue leasing our retail locations and obtain leases for new stores; our ability to promote and enhance our brand; our ability to hire and retain well-qualified management and other personnel; our ability to attract and retain customers; our expectations regarding consumers tastes and preferences; and. our ability to source and purchase a sufficient supply of high quality coffee beans and roast coffee beans consistent with our quality standards could suffer. At December28, The office coffee channel is a distributor based business where we sell to specialty distributors who in turn sell our products for brewing to individual offices. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued). We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal Gift card breakage income of $580,000, $497,000 and $332,000 in 2009, 2008 and 2007, respectively, is included in operating expenses in the consolidated statements of income. accrued for workers compensation. likelihood that there will be a material change in the estimates or assumptions we use to calculate our self-insurance liability. assets and nonfinancial liabilities. adopted a Nonqualified Deferred Compensation Plan (the Plan) for certain executive employees. The Arabica beans purchased by us tend to trade on a negotiated basis at a including JR Reserve Blend and Kona, and we have also featured seasonal reserve coffees such as Jamaica Blue Latte (Hot or icedask for vanilla bean sauce instead of powder.) We use the Black-Scholes-Merton option-pricing model, which requires assumptions requiring a high degree of judgment. Beginning with the period ended October1, 2006, expected stock price volatility is based on a combination of historical volatility and the implied volatility of the Companys traded options. If legislation similar to this were to be enacted nationally, or in any of the states in which we do business, it could have an adverse affect on the Companys results of operations. used a portion of these funds to invest in property and equipment and the purchase of our common stock. We expect operating expenses as a percent of net revenue in 2010 to continue to improve. Companys internal control over financial reporting as of January3, 2010. whose signature appears below constitutes and appoints Patrick J. ODea and Thomas P. Cawley and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. Our coffee and related items are sold through multiple channels of distribution that provide consumer packaged coffee business, improving operating margins in our retail business and delivering sustainable cost improvements across the Company. Starbucks Corporation is the largest competitor in the category. exporters, brokers and growers. Jollibee planned to grow the The Coffee Bean in Asia, where there's a race for coffee supremacy. After more than 40 years, The Coffee Bean & Tea Leaf is well known for its quality of the coffee bean and has grown to become one of the worlds top coffee and tea companies. We dont have an intimidating environment. The global coffee beans market size was valued at USD 27.0 billion and is expected to expand at a CAGR of 6.7% from 2019 to 2025. employees or agents deliver fresh goods to our grocery partners. Open daily from 7AM to 12MN. In December 2006, we purchased approximately 460,000 square feet of land and a 138,000 requirement to maintain the Companys financial condition in accordance with certain ratios and thresholds, and events of default that permit the Bank to accelerate the Companys outstanding obligations, including nonpayment of principal, See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. comply with the following financial covenants as of each fiscal quarter end, as defined in the credit agreement: a minimum Current Ratio not less than 0.75 to 1.0, a Leverage Ratio not greater than 1.75 to 1.0, an EBITDAR Coverage Ratio not less
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