Market Commentary and Intraday News
Caribou shares fall after hours on outlook
285 days ago
(AP:MINNEAPOLIS) Caribou Coffee Co.'s shares fell in after-hours trading Monday as the coffee company reported a drop in second-quarter profit and trimmed its full-year outlook.
The Minneapolis-based company earned $2.8 million, or 13 cents per share, for the quarter that ended July 1. That is down from $4.4 million, or 21 cents per share, in the same quarter last year when it got a major boost from a $2.7 billion tax benefit. Without that, the company made 13 cents per share last year as well.
Revenue rose 1 percent to $81.1 million.
Analysts polled by FactSet expected Caribou to earn 10 cents per share on revenue of $84.3 million.
Sales at Caribou coffeehouses open at least a year increased 2.8 percent. Those same-store sales are considered a key indicator of a retailer's financial performance because they strip away the impact of recently opened or closed stores.
Caribou had to pay more for coffee beans during the period and slower sales of its branded K-Cup single-serve coffee pods sold for use with Green Mountain Coffee Roaster Inc.'s Keurig system.
Caribou said that it expects to earn 43 to 46 cents per share for the full year. Analysts forecast 53 cents. It anticipates full-year revenue will be flat, with weaker K-Cup business. The company also expects to add 60 to 70 coffeehouses during the year.
Caribou shares fell 56 cents, or 5.1 percent, to $10.39 in after-hours trading. The stock fell 50 cents, more than 4 percent, to close regular trading at $10.95.
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