Caribou Coffee reports 11% year-over-year increase in Q3 earnings to US$1.8M, helped by 75% jump in grocery sales

MINNEAPOLIS , November 8, 2011 (press release) – Caribou Coffee Co. Inc. said Tuesday that third-quarter profit rose 11 percent, helped by a 75 percent jump in grocery sales such as Keurig single-serve coffee.

The company left its 2011 outlook unchanged, including adjusted earnings of 39 to 41 cents per share and sales growth of about 13 percent. For 2012, it forecast sales growth of 10 to 12 percent and adjusted earnings of 48 to 51 cents per share. Analysts were expecting 65 cents per share.

In the third quarter, net income was $1.79 million, or 9 cents per share, compared with $1.6 million, or 8 cents per share, a year earlier.

Excluding one-time items, earnings were 7 cents per share. Revenue rose 16 percent to $81.4 million. Analysts expected profit of 8 cents a share on sales of $78.1 million.

Commercial or grocery sales amounted to $19.8 million, helped by the single-serve coffee market. At coffee shops, same-store sales rose 4.1 percent, which the company credited to the introduction of breakfast sandwiches and grilled cheese sandwiches for lunch.

Caribou shares rose 7 cents to close at $14.41.

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