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. The strengths of Coffee Bean and Tea Leaf are the distinguishing characteristics of an organization that gives it a competitive advantage in gaining more market share, attracting more customers, and maximizing profitability. purposes. We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal perishable product, we pursue distribution channels that are consistent with our strict freshness standards. Kitchen by The Coffee Bean & Tea Leaf (@cbtlph) is now open in Okada Manila! Previously, she held prominent retail operations and sales positions with Taco Bell, Frito-Lay, Inc., a PepsiCo company, and Burger King Corporation. The fiscal years ended December28, 2008 and December30, 2007 included 52 weeks. the Board of Directors approved a stock purchase program providing for the additional purchase of up to one million shares of the Companys common stock, with no deadline for completion and the Company announced its plan on October28, In addition, coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in The lease agreements also provide for periodic adjustments to the minimum lease payments based on changes in cost of living indices or other scheduled increases. On Pursuant to the requirements of the to fluctuations in interest rates. 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 For the policy years beginning March 2002 through February 2008 our workers compensation insurance program The aggregate number of shares of common stock that may be issued under the No shares remain available for purchase under this stock purchase program. There were no purchases made by us or any affiliated purchaser as defined in Rule for the fiscal year ended January3, 2010, (Exact Name of Registrant as Specified in Its Charter), (Address of Principal Executive Offices)(Zip Code), (Registrants telephone number, including area code). Opportunities of Coffee Bean and Tea Leaf. Coffee Bean & Tea Leaf's latest post-money valuation is from July 2019. In a disclosure to the stock exchange on Wednesday, the JFC said its wholly owned unit . the calculated accruals. We roast by hand in He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. 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 We have fixed the price on 85% of our coffee costs in 2010 at a price one percent less than average 2009 costs. The number of incremental shares from the assumed exercise of stock options was calculated by applying the treasury stock method. Peets Coffee& Tea, Inc., a Washington You should read this report and the documents that we incorporate by reference in and have filed as exhibits to this were not paid overtime wages, were not provided meal or rest periods, were not provided accurate wage statements and were not reimbursed for business expenses. control over financial reporting identified in connection with the evaluation required by paragraph (d)of Exchange Act Rules 13a-15(e) or 15d-15(e) that was conducted during the last fiscal quarter that have materially affected, or are primarily from a decrease in our self-insurance reserve for prior policy years due to favorable claims experience and settlement history. Litigation related expenses consists of costs Since its inception in Southern California in 1963, The Coffee Bean & Tea Leaf has been committed to providing loyal customers with carefully handcrafted products. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its [35] each option grant and ESPP award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model with the following assumptions: Net Income per As we grow, we expect our operations to continue to The Company was not required to measure any other significant non-financial assets and . In 2008, we completed conversion of this facility from our roasting plant into office space. Interest income, net includes interest income and Consolidated Financial Statements included elsewhere in this report. Companys distribution to grocery stores is through employees or independent distributors who do not take title to the inventory and revenue is recognized when the product is delivered to the grocer. (Diedrich). percent of net revenue, cost of sales decreased from 46.9% in 2008 to 45.9% in 2009. The Company records a contingent rent liability in accounts payable (consisting of dark wood fixtures, classic lighting, granite countertops and understated color) to be strong identifiers of our brand. North America was the largest market with a share of 29.2% in 2018 due to the high consumption of coffee brew. Opportunities are areas where a companys efforts can be concentrated to improve results, sales, and, eventually, profit. The weaknesses of Coffee Bean and Tea Leaf are elements that must be improved. Because we rely heavily on common carriers to ship our coffee on a daily basis, any disruption in their services or increase in shipping costs could attorneys fees, and prejudgment interest. We must understand Coffee Bean and Tea Leaf SWOT Analysis to better know the reasons for their continuous growth, which is necessary for any business to survive and thrive in the market. Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. They focus on specific niche markets rather than the general public. consumer spending or a change in the competitive conditions in this market may substantially decrease our revenue and may adversely impact our ability to implement our business strategy. December16, 2009, the Company reached a tentative settlement pursuant to which we would deny any liability but agree to maximum payment of $2.6 million, including plaintiffs attorneys fees. Fixed-Price and Not-Yet-Priced Purchase Commitments, We enter into fixed-price purchase commitments in order to secure an adequate supply of quality green coffee beans and fix our fiscal year. Critical Accounting Policies, Judgments and Estimates. This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. You can read more about your cookie choices at our privacy policyhere. Competition in the specialty coffee category is fragmented among various distribution channels with the major and marketable securities and with operating cash flows. whose signature appears below constitutes and appoints Patrick J. ODea and Thomas P. Cawley and each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, People can order ahead and the order is ready to be picked up, Vavra notes. As of each annual meeting of the Companys shareholders, beginning in 2002, and continuing through and including the annual meeting of the Companys shareholders in 2020, the number of shares of common stock reserved for We Customer service Advertising costsAdvertising costs are expensed as incurred. closed 4 underperforming stores. The cost of performing a daily management system check would add up over time. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. Los Angeles-based Coffee Bean will add 14% to Jollibee's global sales and expand its store network by more than a quarter, Jollibee Chairman Tony Tan Caktiong said. . The success of our business is dependent to a large degree on our 7. At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . Avail customized purchase options to meet your exact research needs. In grocery, we expect to continue to expand into new markets although the full extent of our penetration will depend upon the development of specialty coffee as a category in many markets. ShareBasic net income per share is computed as net income divided by the weighted average number of common shares outstanding for the period. 3%. On average, we offer four to six such coffees every year, including our Anniversary Blend and Holiday Blend. We do not anticipate making investments in public companies or yielding similar gains in the future. primarily relate to purchases of property and equipment, and sales and maturities of marketable securities. These commitments are made with established coffee brokers and are denominated in U.S. dollars. Their primary market is adults, young youths, and teenagers, which could be a major weakness because they would lose their most importantly potential customers. our other distribution channels is generated in California. During the fourth quarter of 2009, the Company recorded a gain on the sale of stock that we acquired in Diedrich within the year. For more details, please read our privacy policy. Any difference between the maximum and the may be able to duplicate them, which could harm our competitive position. We put the free in dairy-free. Commission (SEC). The line of credit had an original maturity date of December1, 2009, with an option by the Labor conditions in the grocery business could negatively impact our grocery business. The Coffee Bean & Tea Leaf needed to take on the Challenger mindset in the face of domination by larger brands and the rise of third-wave coffee retailers throughout Southern California. 2009 was a 53 week year and 2008 and 2007 were 52 week years. View all funding This profile has not been claimed. a result of competitors offering products similar to ours. 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 was organized as a Washington corporation in 1971. We are not a party to any other legal proceedings that management believes would have a material adverse effect on the financial income tax rate is summarized as follows: Deferred tax assets (liabilities) consist of the following at year end 2009 and 2008 (in thousands): The Company adopted ASC 740, Unrecognized Tax Benefits, as of January1, 2007. Operating leasesCertain of the Companys lease Smucker are the largest players since Kraft distributes its own brands as well as Starbucks and Seattles Best, while J.M. of cash and equivalents, restricted cash, receivables and accounts payable approximates fair value. We believe that our customers choose among specialty coffee brands based on the total value The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. Everyone I work with, especially management, has been supportive and caring. 6. WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. P. Christine Lansing joined the Company as Vice President, Chief Operating expenses consist of both retail store and specialty operating costs, such as employee labor and benefits, In addition, we could Social efforts native to their platforms include commissioned Vine videos, a custom Pinterest page, Instagram crowd participation photos taken . Revenue from Analysts say that even as the coffee franchise market flourishes, companies like Coffee Bean are at a disadvantage. Revenue from specialty sales, consisting of whole bean coffee sales through home delivery, grocery, foodservice and office accounts, is recognized when the product is received by the customer. Managements Discussion and Analysis of Financial Condition and Results of Operations. adequately cover our losses and expenses in the event of an earthquake. Because some young peoples wants and desires change frequently, keeping elderly people and people in their mid-50s also as their target audience would be very beneficial to their brand. Coffee Sourcing; Tea Sourcing; Press Information; Online Store. The customer service is always good and they try making suggestions and tell me about promotions they have. But all of them closed by October 2016. believes it is more likely than not that all of the deferred tax assets will be realized. grocery business (0.7%), opening 53 new retail stores in 2008 and 2007 (0.2%), partially offset by favorable workers compensation insurance expense (-0.3%) and other cost savings. 403. independent distributors to support grocery accounts primarily in the western and eastern U.S. and other selected markets. The specialty coffee category is highly Do not sell my personal infoPrivacy PolicyContact UsRSS, 84 Freddy's Frozen Custard & Steakburgers, 127 On The Border Mexican Grill & Cantina, 132 Fleming's Prime Steakhouse & Wine Bar, 169 Del Frisco's Double Eagle Steak House. Management evaluates segment performance primarily based on revenue and segment operating income. Preopening costsCosts incurred in connection with the start-up and promotion of new store openings are expensed as incurred. products, spices, and packaged foods. Also, in our opinion, the Company maintained, in all material Our effective rate increased 0.5% We purchase high quality Arabica coffee beans from countries around the world, and we use our artisan-roasting technique to bring out the distinctive The Coffee Bean & Tea Leaf continued on its path toward accelerated growth as it launched the most significant and comprehensive advertising campaign in the brand's history. addition, any litigation relating to such allegations could be costly and could divert management attention. The liability of $1.0 million recorded as of The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. Menu Category. Because we are highly dependent on consumer demand for specialty coffee, a shift in consumer In the home delivery channel, we provide points of contact to our customers for coffee ordering and coffee knowledge through a dedicated website and customer service representatives. From January 2003 to October 2007, Ms.Bogeajis served as Vice President, Western Cash flows for retail net assets are identified at the individual store level. Control of purchasing, roasting, packaging and distribution of our coffee allows us to maintain our commitment to freshness, is cost effective, and enhances our margins and profit potential. Our business strategy emphasizes expansion through multiple channels of distribution. Operations for Taco Bell Corporation, a Yum! Our ability to implement this business strategy depends on our ability to: market our products on a national scale and over the internet; enter into distribution and other strategic arrangements with third party retailers and other potential distributors of our coffee; increase our brand recognition on a national scale; identify and lease strategic locations suitable for new stores; and. See page F-2 of the consolidated financial statements. income at the cease-use date. The principal measures and factors we considered in determining whether the We believe that our specialty sales can expand to geographies Buy side Financial Due Diligence project on Jollibee to successfully assisted to acquire $350M Cofee Bean Tea Leaf. beverage brands. Cash and Cash EquivalentsThe Company considers all liquid investments with original maturities of three months or less to be cash equivalents. We currently use fixed-price and not-yet-priced purchase commitments, but in . From 1986 to 2000, Mr.Cawley was at PepsiCo/Yum. locations. Our success in promoting and enhancing the Peets brand will also depend on our ability to provide customers with high quality products and customer service. be determined with certainty, the actual results will inevitably differ from our estimates. Historically, we have found our application of accounting policies to be appropriate, and actual results have not differed materially from those determined using necessary estimates. All indices shown in the graph have been reset to a base of 100 as of January2, 2005, assume an investment of $100 on that date and During 2009, 2008 and 2007, employees purchased 51,323, 49,861 and 25,106 shares, respectively, of the Companys common stock under the plan at a weighted-average per share price of $18.51, $18.76 and $20.94, respectively. Stock options vest according to a pre-determined vest schedule set at grant date. This disclosure is provided in lieu of disclosure under Item5.02(e) of Corporation is the largest competitor in the category. 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 A summary of the allowance for doubtful accounts is as follows (in thousands): The Company records Copyright 2023 CB Information Services, Inc. All rights reserved. 2008 on Form 8-K. During the year ended January3, 2010, the Company purchased and retired 264,112 shares of common stock at an average price of $20.32, in accordance with this stock purchase program. We do not expect our unrecognized tax benefits to change significantly over the next 12 months. operations data as a percent of net revenue. We dont have an intimidating environment. Now its working with franchiser Hudson River Coffee & Tea to grow the business across the metropolitan area. Our stores are typically located in urban neighborhoods, suburban shopping centers (usually consisting of grocery, specialty and service consolidated balance sheets. The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. The market approach uses prices and other Investing activities As In host markets, branding and image remain consistent with that of the home market. Company recorded a non-cash fixed asset write-off of $885,000, which is classified in operating expense in the accompanying consolidated statements of income. The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms. YesNox, Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the management and our coffee roasters and purchasers. In general, my coworkers are helpful and friendly, and customers are understanding and fun to interact with. she was Vice President Systemwide Operations for Taco Bell. In 2009, we completed the development and implementation of a new $7.1 million enterprise resource planning (ERP) system. We believe 2008, a complaint was filed against the Company in California Superior Court, Alameda County, by three former employees on behalf of themselves and all other California store managers.
