Restaurant News Resource - Peet’s Coffee & Tea Restaurant Industry News

Net income for the quarter was $1.5 million, or $0.11 per diluted share, compared to $3.8 million, or $0.28 per diluted share, for the corresponding period last year. Net income for the quarter includes the anticipated settlement and legal costs of a class action lawsuit ($2.2 million after tax). Excluding this item, non-GAAP diluted earnings per share would have been $0.28, equal to the third quarter of 2010.

Net income for the 13 weeks ended July 3, 2011, was $5.1 million compared to $4.3 million for the corresponding 13-week period of fiscal 2010. Diluted earnings per share was $0.38 for the 13-week period of fiscal 2011 compared to $0.31 per share for the corresponding period of fiscal 2010, an increase of 23%.

Reports third quarter diluted earnings per share of $0.28, an increase of 47% versus the corresponding period last year

Peet’s Coffee & Tea (NASDAQ:PEET) today announced that in response to the approximate 35% rise in green Arabica coffee prices since the beginning of this year, it will raise the price on most drinks by $0.10 and on beans sold in Peet’s stores an average of 8%, effective September 29, 2010.

Specialty Coffee Purveyor Launches Limited Edition Uzuri African Blend in Groceries Nationwide

Company Expanding Its Distribution of Distinctively Fresh, Whole Bean Coffee Throughout the West Coast