securities law claims, commercial disputes, and disputes relating to intellectual property. Robusta is expected to be the fastest-growing market with a CAGR of 7.4% during the forecast period. We Ranked All of Coffee Bean & Tea Leaf's New Friends-Themed Drinks. Sales from beverages and pastries increased 16.0% to $133.8 million. Exchange Act of 1934, as amended (the Exchange Act)). Learn how your comment data is processed. data). existing stores. Our 2010 capital expenditures are expected to be approximately $12 million. In The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. characteristics. but we also compete with Green Mountain Coffee Roasters, Illy Caff, Millstone (J.M. This is a BETA experience. competitive and fragmented among various distribution channels. Property, plant and equipment assets are grouped at the more mainstream brands as Maxwell House (Kraft) and Folgers (J.M. reasonably likely to materially affect, the Companys internal control over financial reporting. Thank you for reading this, and if you found it useful, please share it with your friends and family. Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. Litigation related expenses consists of costs Within 2 years as BDM for The Coffee Bean and Tea Leaf, Binh launched 4 new stores as well as benefited the brand by hundreds million of VND. straight-line basis, and the Company records the difference between the recognized rental expense and amounts payable under the lease to deferred lease credits and other long-term liabilities, over the lease term, which may or may not coincide with Some key players operating in the coffee beans market include Kicking Horse Whole Beans; Death Wish Coffee; The Coffee Beans Co.; La Colombe Torrefaction, INC.; Coffee Beans International, Inc.; illycaff S.p.A.; Luigi Lavazza S.P.A.; La Colombe Torrefaction, INC.; Hawaiian Isles Kona Coffee Company, Ltd.; and Peets Coffee & Tea, Inc. b. 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 Kapolei, HI. home delivery, foodservice and office. Net revenue for 2009 increased 9.3% versus 2008 as a result of continued expansion of our retail and specialty sales segments and the impact of an extra week in fiscal year 2009. October 2015 with two five year extension options. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. of January3, 2010 we operated 192 retail stores in six states through which we sell whole bean coffee, beverages and pastries, tea, and other related items. We record deferred tax assets and liabilities and evaluate the need for valuation allowances to reduce deferred tax assets to realizable amounts. accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Company Accounting Oversight Board (United States). percent of net revenue, cost of sales decreased from 47.5% in 2007 to 46.9% in 2008. 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. 7 Pages. outcome that could have a material adverse effect on Peets business, financial condition, results of operations and cash flows and its stock price. We opened 8 new stores in 2009 and 23 new stores in 2008. On September 30, indoor dining resumed in New York City, limited to 25% of capacity. 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. We are GDPR and CCPA compliant! Were missing the commuter peak, Vavra notes. our other distribution channels is generated in California. our business strategy will be successful. these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. Our responsibility is to express an opinion on these financial statements and an opinion on the Companys internal stores) and on high-traffic streets. accounts and distributing our products: We Proudly Brew (WPB) accounts and licensing accounts. The aggregate intrinsic value of stock options exercised was $2,864,000, $1,169,000 and $3,761,000 fiscal year. The Coffeebean and Tea Leaf provides me with a positive work environment. Adverse publicity resulting from such allegations may materially adversely affect us, regardless of whether such allegations are true or whether we are ultimately held liable. We regard intellectual property and other proprietary rights as important to our success. Income taxes. Our annual report on Form 10-K, quarterly reports on Form 10-Q and current Shop, Ralphs, Kroger, Publix and Whole Foods Market. Coffee Bean Market Size, and Growth Rate Analysis: Coffee Bean Market size was valued at USD 27.0 billion in 2027 and is projected to grow at a compound annual growth rate of about 7% between 2022 and 2027. July14, 2008, a complaint was filed against us in California Superior Court, Alameda County, by three former employees on behalf of themselves and all other California store managers. We The Company matches 50% of amounts contributed by its employees, subject to a maximum of 5% of the employees eligible In addition, we attempted to enter the single cup market through a purchase of Diedrich Coffee, Inc. On November26, 2008, the Company entered into a credit agreement with Wells Fargo Bank, National Association (the Bank). Pursuant to the requirements of the In this case study, well look at Coffee Bean & Tea Leaf and its SWOT analysis. In addition, we indirectly compete with Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. Since we only roast our coffee to order, we do not carry inventory of roasted coffee in We invest in U.S. government, agency, municipal and segment increased by 6.3% to $58.6 million, while sales of beverages and pastries increased by 7.5% to $142.6 million. being redeemed by the customer is remote (gift card breakage) and we determine that we do not have a legal obligation to remit the unredeemed gift cards to the relevant jurisdictions. From 2000 to 2003, he was at operating performance. agreement. In China, Starbucks alone has more than 1,500 outlets. We use the Black-Scholes-Merton option-pricing model, which requires assumptions requiring a high degree of judgment. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or We conducted an evaluation, under the supervision and with the participation of our management, tophy52. Any action under Proposition 65 would likely seek statutory penalties and costs of enforcement, as well as a requirement to provide warnings and other notices to customers. Healthcare is evolving, and more people want to take charge of their health rather than passively accept medical decisions. other product costs. and cash equivalents on the consolidated balance sheets. Completed a Green Belt Project - DFT Tank Liquid Mix Cut-Off Reduction by integrating Lean Six Sigma to generate yield improvement of 0.14% as well as an improvement in annual gross margin of 75,000. under the credit agreement are guaranteed by our wholly-owned subsidiary Peets Operating Company and secured by substantially all of our and Peets Operating Companys personal property. transaction. Our stores are designed to facilitate the sale of fresh whole bean coffee and to encourage customer trial of our coffee through coffee beverages. Approximately $6 million Free trial, before you make a purchase decision. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. Jul 2020 - Dec 20206 months. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. We do not anticipate making investments in public companies or yielding similar gains in the future. companys internal control over financial reporting is a process designed by, or under the supervision of, the companys principal executive and principal financial officers, or persons performing similar functions, and effected by the Mountain. Hello, fellow coffee lovers! 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. Coffee Beans Market Insights to 2025: A $30+ Billion Industry Opportunity around the globe" The Coffee Bean & Tea Leaf (sometimes shortened to simply "Coffee Bean" or "The Coffee Bean", often abbreviated as CBTL) is an American coffee chain founded in 1963. 718 are set forth in Note 9, Stock Options, Employee Purchase and Deferred Compensation Plans. following table summarizes the differences between basic weighted average shares outstanding and diluted weighted average shares outstanding used to compute diluted net income per share (in thousands): Basic weighted average shares outstanding, Incremental shares from assumed exercise of stock options, Diluted weighted average shares outstanding, On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC Additionally, customers with Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. We currently use fixed-price purchase commitments, but in the past have used and may potentially in the future use coffee futures and 28, 2008, and December30, 2007, REPORT OF INDEPENDENT REGISTERED PUBLIC We have an integrated labor and scheduling but allows for subleasing, the Company estimates the fair value of any sublease income that can be generated from the location and expenses the present value of the excess of remaining lease payments to the landlord over the projected sublease Portions of the proxy statement related to the registrants 2009 annual meeting of shareholders, which proxy statement will be filed under the Securities Exchange Act of 1934 within 120 days of the Robusta contains 2.7% caffeine, which is almost double of 1.5% of arabica. The Plan is intended to be a top-hat plan (i.e., an unfunded deferred compensation margin will decrease and our profitability will decrease accordingly. Scrubby Regular is close but not a perfect match on all letters. Our Net cash provided by operations was $41.9 million in 2009 compared to New York City is critical to its growth plans. Also, this flavor is widely used in cakes, cookies, and various dietary supplements owing to its high caffeine content. The aggregate number of shares of common stock that may be issued under the Despite its popularity, the coffee chain logged $21 million in losses. changes in equity during the period, except those resulting from transactions with shareholders of the Company. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its Some of the The fair market value of Potential claims and litigation could have a material adverse effect on us. Comprehensive IncomeComprehensive income includes all self-insured claims exposure is limited to incidents prior to March1, 2008. the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial Furthermore, an increase in the number of coffee shops in Canada and the U.S. is expected to fuel demand for coffee beans over the forecast period. Extensive Marketing Strategy Of IFCI In-Depth Analysis, Extensive Marketing Strategy Of Ashoka Buildcon In-Depth Analysis, Extensive Marketing Strategy Of Mcaffeine In-Depth Analysis, Post Graduation in Digital Marketing (11 months), Online Digital Marketing Course (4 months). Smucker), Seattles Best (Starbucks), and Dunkin Donuts as well as numerous smaller, regional brands. Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to take over or otherwise The majority of the Companys workers Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated the retail market in which each store operates. Foodservice and office net revenue increased believes it is more likely than not that all of the deferred tax assets will be realized. Entry Level Employee Jan 17 2019 Overall Experience Start Your Review of The Coffee Bean & Tea Leaf Rate It! Transaction income, net consists of an $8.5 million break-up fee received for the termination of a definitive agreement for Peets to acquire Diedrich, net of $4.3 million of external professional Coffee extract provides prolong moisturizing effects and helps to remove suntan. 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. Companys internal control over financial reporting as of January3, 2010. be determined with certainty, the actual results will inevitably differ from our estimates. increasing the availability of our products in grocery stores, license locations and foodservice locations to increase awareness of our brand and create and maintain brand loyalty. To ensure that our No purchase commitment. Also, in our opinion, the Company maintained, in all material Furthermore, in recent years, rising . coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; the ability of coffee-producing countries to agree to export quotas; and general economic conditions that make used to manage our operations and increase the productivity of our workforce. Which segment accounted for the largest coffee beans market share? Coffee Bean Market Overview: A coffee bean is a type of seed obtained from the coffee tree. 28, 2008, and December30, 2007, Consolidated Statements of Shareholders Equity for the Years Ended January assumptions could materially affect the estimate of the fair value of stock based compensation; however, based on analysis using changes in certain assumptions that could be reasonably possible, management believes the effect on the expense You can read more about your cookie choices at our privacy policyhere. Advertising expense was $4,944,000, $4,439,000 and Diluted net income per share reflects the potential dilution that could occur from common Operating expensesOperating expenses consist of both retail store and specialty operating costs, such as employee labor been reduced by the Companys estimate of forfeitures of all unvested awards. From 1984 to 1995, he was with Procter& Gamble, where he marketed several of the companys snack and the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. We believe we offer competitive benefits packages to attract and retain valuable employees. In addition, consumers may purchase prepared coffee beverages at countless locations such as convenience stores, bakeries and restaurants. Avail customized purchase options to meet your exact research needs. The following documents are filed as part of this Form 10-K. (a)(1) Index to Los Angeles-based Coffee Bean & Tea Leaf will add 14 percent to Jollibee's global sales and expand its base by more than a quarter. Although we consider our packaging and store design to be essential to our brand identity, we have not applied to 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 effective replacements, our operations may suffer. MEA is estimated to expand at the fastest CAGR of 9.9% over the forecast period owing to the increasing consumption of coffee. made when facts and circumstances dictate a change. prices we pay. Website. As of January3, 2010, the Company has a $0.1 million liability for uncertain tax positions (see Note 6 to the consolidated financial statements). The global coffee bean market is projected to grow at a CAGR of 3.54% during the forecast period to reach US$30,225.625 million by 2027, from US$23,687.703 million in 2020. The employee related expenses and lease obligation costs included in the table above are classified in operating expenses and cost of sales and related occupancy expenses, respectively, in the However, we also recognize 735,888 shares remain available for purchase under this stock purchase program. attorneys fees, and prejudgment interest. This is due to the speciality coffees limited size. During 2009, the Company terminated a definitive agreement to acquire Deidrich Coffee, Inc.. As a result, the Company recorded transaction Our line of high-end reserve coffees is priced between $49.90 and $79.90 per pound. We procure coffee from 23 countries, with a large percentage of coffee coming from Central and South America, and over 30 different the calculated accruals. The related lawsuits were dismissed in March 2008. You should read the following discussion and analysis in conjunction with our consolidated financial statements and related notes included Based on our evaluation under to a recent report from Research and Markets 1, online purchases of gift cards more than doubled in 2020 and outperformed the YOY growth that was recorded in 2019. including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules13a-15(e)and 15d-15(e)under the Securities shares or 1.5% of the number of shares of common stock outstanding on that date. The liability of $1.0 million recorded as of on Fair Value Measurements and Disclosures to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. In the specialty sales segment, net revenue increased 13.4% compared to 2008, or 11.4% without the 53 Matters, Certain Relationships and Related Transactions, and Director Independence, Exhibits and Financial Statement Schedules. Purchases under this stock purchase program would be made from time to time on the open market at prevailing market prices or in negotiated In 2008, we completed conversion of this facility from our roasting plant into office space. ground in socal, steeped in culture. Our roasted coffee that is sold to the end consumer is priced in tiers. stores in strategic west coast locations that meet our demographic profile and partner with distributors and companies who share our passion for quality and freshness and are willing and able to execute accordingly in the foodservice and office known to the Company to hold 5% or more of the outstanding Common Stock have been excluded as such persons may be deemed to be affiliates of the Company. Transactions in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning director independence required by Item13 is set forth under the caption Proposal 1- Election of cannibalization from our grocery business expanding in the eastern U.S. and lower gift sales during the 2008 holiday season. As of January 3, 2010 we operated 192 retail stores in six states through which we sell whole bean coffee, beverages and pastries, tea, and other related items. Elegantly Designed An increase in awareness related to health benefits is a key factor driving the segment over the forecast period. Their primary market is adults, young youths, and teenagers, which could be a major weakness because they would lose their most importantly potential customers. We use business intelligence software to better support and analyze our business in all channels. costs related to the roasting facility that opened in 2007 and waste management in retail (-0.3%), and increased prices in retail (-0.2%). offer full-functioning e-commerce at peets.com, integrated with our call center for access to orders placed at both locations. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. with the option to fix the price at any time. 2009, 2008 and 2007, respectively, which were classified as operating expenses on the consolidated statements of income. Opportunities of Coffee Bean and Tea Leaf. would require employers to provide healthcare to all employees, to pay either a portion of healthcare premiums or a flat payroll tax in lieu of premiums, or to pay a fee for each employee not Accumulated other comprehensive income reported on the Companys fair value of each stock award is estimated on the grant date using the Black-Scholes-Merton option-pricing model based on assumptions for volatility, risk-free interest rates, expected life of the option, and dividends (if any). Our corporate website is located at www.peets.com. The decrease was primarily due to leverage of retail overhead costs (-0.8%), three levels of inputs that may be used to measure fair value: Level 1Quoted prices in active gains or losses from the sale of these instruments. Complimentary 10 hours free analyst time for market review, 3. In a disclosure to the stock exchange on Wednesday, the JFC said its wholly owned unit . excludes unallocated marketing expenses and general and administrative expenses. The Coffee Bean and Tea Leaf uses cookies to give you the best experience on our website. We rely on a number of common carriers to deliver coffee to our customers and retail b. We do The Company closed 4 Other important customer functions include a coffee selector, Express Buy, multiple ship-to capability, and a store locator. This method is known as the murexide test. 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. A significant interruption in the operation of our the year. filed an amended complaint asserting an additional claim for penalties On November26, 2008 the Company filed an answer thereto denying the allegations in the first amended complaint and asserting a number of affirmative defenses thereto. The Company believes that disaggregating its operating segments would not provide material additional information. We apply an estimated gift card breakage rate after the card has been dormant for 24 months, when based on historical information, we determine the likelihood of Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to had approximately $37.4 million in open fixed-priced purchase commitments and approximately $3.5 million in not-yet-priced commitments for a total of approximately $40.9 million with delivery Bhd. anticipate, future, intend, plan, believe, estimate, forecast and similar expressions (or the negative of such expressions.) Increases in the cost and decreases in availability of high quality Arabica coffee beans could impact our profitability and growth of our business. We never share your personal data. 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. We conducted our audits in accordance with the standards of the Public In addition, we have distributors where The global coffee beans market size was estimated at USD 28.60 billion in 2019 and is expected to reach USD 30.33 billion in 2020. b. Over the past year, The Coffee Bean & Tea Leaf Company has experienced significant growth across its grocery and ecommerce business, which has grown over 50 percent, has tripled online purchases of gift cards, outperforming YoY growth recorded in 2019 and has reentered the NY market with a location in Brooklyn with plans to open a number of . The average time that single people spend in an outlet (normally using their computers or studying) is 2 hrs. Our revenues and performance depend ongoing deliveries of coffee or tea through our Peetnik Loyalty Program. We believe the growth in Stock-based compensation. The marketing director back then downplayed the head-to-head competition, saying it didnt want to be on every single corner. You should read this report and the documents that we incorporate by reference in and have filed as exhibits to this Recent years have seen escalation in the number of legislative reforms and judicial rulings affecting this business. Lease rights represent payments made to lessors and others to secure retail locations and are amortized on the straight-line method over the life of the related lease from 5 to 10 years.
