"We continue to expand Caribou Coffee through company and franchised stores," said Michael Coles, chairman and CEO. "New Jersey is a new market for us, and we are excited about growing in a new region of the country."
During the second quarter, Caribou Coffee opened 11 coffeehouses, five company-owned and six franchised. Thus far, it has closed eight underperforming units, and anticipates closing a total of 10 to 15 units by the end of the year.
Total net sales were $62.8 million, up 11% from the second quarter of 2006. Comparable coffeehouse net sales (which exclude franchised locations) increased 1% more than the prior year. The company posted a net loss for the quarter of $3.9 million, compared to a net loss of $2.4 million the previous year. The company operates 480 coffeehouses, including 39 licensed locations, in 18 states and the District of Columbia, as well as in several venues outside the US.
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