Net revenues jumped 20.3% in fiscal 2005 to $175.2 million from $145.7 million for the same period last year. Moreover, profit increased 21.7% to $10.7 million, or 74 cents per diluted share compared to $8.8 million or63 cents per diluted share for fiscal 2004.
"This is the highest growth rate Peet's has seen in its 40-year history," O'Dea said. During 2005, the specialty coffee retailer opened 20 new stores, a year of record openings. New stores exceeded sales goals of $700,000 to $750,000 per unit, according to O'Dea.
During the fourth quarter, Peet's opened seven new retail locations, driving retail revenues up 10.1% to $33.5 million from $30.4 million for fiscal 2004. Specialty revenues increased 17% to $17.2 million for fourth quarter to $14.7 million for the same period last year.
For this year, Peet's expects total net revenue growth of 20 to 23%, driven by approximately 23 to 28 new stores, of which 75% will be in California. Peet's is targeting earnings per diluted share of 80 cents to 83 cents and plans to spend $18 million, excluding the purchase of the new roasting facility, which will have a price tag of $24 million in late 2006 or early 2007.
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