Certain leases contain renewal options for an additional five to fifteen years, and also provide for contingent rents to be paid equal to a stipulated percentage of sales. Disclosure, Directors, Executive Officers and Corporate Governance, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder For financial assets and financial liabilities, this accounting guidance was effective for the Company beginning in fiscal 2008. The Coffee Bean & Tea Leaf company adds three executives | Nation's We expect the liability to Upon order, beans are scooped and Board of Directors and Shareholders of Peets Coffee& Tea, Inc.: We have audited the accompanying consolidated balance sheets of Peets Coffee& Tea, Inc. and subsidiaries (the Jollibee buys Coffee Bean & Tea Leaf - Los Angeles Times compensation contributed to the plan. We believe our application of accounting policies, and the estimates inherently required therein, are reasonable. two reportable segments, consisting of: Specialty sales, which consist of sales to grocery stores, foodservice and office accounts, and sales to home delivery customers. Shares used in calculation of net income per share: See discussion of Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new The effective income tax rate for 2009 was 37.5% compared to 37.0% in 2008. Except for historical information, the discussion below contains forward-looking statements within the meaning of Section21E of the Securities Exchange Act of 1934. 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. Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive coffee. Sep 9, 2022. Depreciation and amortization expenses increased in 2008 primarily due to the 53 stores we opened during 2008 and 2007. Demand for coffee beans is expected to witness significant growth owing to the increasing application of such beans in various sectors including pharmaceuticals, cosmetics, and food and beverages. Impairment losses for underperforming stores of $128,000, $630,000 and $460,000 were recorded during Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. As a Now its working with franchiser Hudson River Coffee & Tea to grow the business across the metropolitan area. the Common Stock outstanding on June28, 2009 (the registrants most recently completed second quarter), as reported by the Nasdaq National Market, was $336,924,667. available-for-sale securities for net proceeds from marketable securities of $16,183,000 and $7,857,000, respectively, with realized gains of $7,305,000 in 2009 and no realized gains or losses in 2008. coffee bean and tea leaf annual report 2019 In establishing deferred income tax assets and liabilities, we make judgments and interpretations based on enacted tax laws and executive officers as of March1, 2010. The fair value of the retail net asset is estimated using the discounted You can read more about your cookie choices at our privacy policyhere. distribution channels being coffeehouses (our retail segment) and grocery stores (part of our specialty segment). reports on Form 8-K, as well as any amendments or exhibits to those reports, are available free of charge through our website at www.peets.com as soon as reasonably practicable after we file them with, or furnish them to, the Securities and Exchange roasting and distribution facility, whether as a result of a natural disaster or other causes, could significantly impair our ability to operate our business. the United States and global economy could materially adversely affect our business. Therefore, we Competition in the specialty coffee category is fragmented among various distribution channels with the major distribution channels being coffeehouses (our retail segment) and grocery stores Approximately $6 million Jollibee buys Coffee Bean & Tea Leaf | CNN Business market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. The slower growth in whole bean and related products was primarily due to continuing cannibalization of bean sales in retail stores as we increased the availability of Peets coffee in grocery stores and our own new retail Caffeine Essay. 2. In the specialty sales segment, net revenue increased 13.4% compared to 2008, or 11.4% without the 53 You can read more about your. Franchises in other countries may face significant management challenges because each location has its own set of ethics and rules. to March1, 2008. The The growth in net revenue in grocery was due to the 2,400 new stores we added during 2008, as well as growth in our existing accounts in the western United States. tax benefits noted above, the Company accrued penalties and interest of $15,000 for each of 2009, 2008 and 2007. SEC.gov | HOME Unrealized gains or losses The deal will boost contributions from international businesses to 36 percent of total sales for Jollibee. Information with respect to compliance with Section16(a) of the Exchange Act is set this report in greater detail in the section entitled Risk Factors under Part I, Item1A below. The global coffee beans market size was valued at USD 27.0 billion and is expected to expand at a CAGR of 6.7% from 2019 to 2025. The Coffee Bean & Tea Leaf Malaysia detected on a timely basis. We sell approximately 25 types of coffee as regular menu items, including approximately 14 blends and 11 single origin coffees such as Colombia, Guatemala, Sumatra and Kenya. Grocery comprised 20.1%, 18.1% and 16.8% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. The decrease from 2007 was primarily due to procurement savings (-0.7%), leverage of costs related to the roasting facility that opened in 2007 (-0.4%), and The fiscal year ended January3, 2010 included 53 weeks. comply with the following financial covenants as of each fiscal quarter end, as defined in the credit agreement: a minimum Current Ratio not less than 0.75 to 1.0, a Leverage Ratio not greater than 1.75 to 1.0, an EBITDAR Coverage Ratio not less Adding new menu items or changing the menu to include a special item could attract a large number of new target customers in addition to those who are already there. offered health care. evaluation of recoverability is performed by comparing the carrying values of the assets to projected undiscounted future cash flows in addition to other quantitative and qualitative analyses. If costs increase and we are unable to pass along increased coffee costs, our Upon Our support available to help you 24 hours a day, five days a week. 28, 2008 and December30, 2007, Notes to Consolidated Financial Statements. We have no control over these common carriers and the services provided by them may be interrupted as a Grocery coupons creating an obligation to the third party are recognized as a liability when distributed based upon expected consumer redemptions. Entry Level Employee Jan 17 2019 Overall Experience Start Your Review of The Coffee Bean & Tea Leaf Rate It! Our quality standards for tea are very high. Our first priority has been to develop primarily in the western U.S. markets where we already have a presence and have higher customer awareness. However, we cannot predict what Full name: The Coffee Bean & Tea Leaf (Malaysia) Sdn. 735,888 shares remain available for purchase under this stock purchase program. Stores operating for at least one year contributed only. 2008 were $22.5 million, or 7.9% of net revenue, compared to $22.7 million, or 9.1% in 2007. There is no balance for closed store reserves as of December28, 2008. Copyright 2023 CB Information Services, Inc. All rights reserved. Its primary goal is to assist organizations in gaining a thorough understanding of all the factors that influence business decisions. We procure coffee from 23 countries, with a large percentage of coffee coming from Central and South America, and over 30 different CBTL: One Touch, One Perfect Cup, One Good Day. Coffee Bean Friends Drink Review: The Friends Anniversary - Thrillist Comprehensive Coffee Bean and Tea Leaf SWOT Analysis | IIDE The Company productivity, provides a higher level of service to our customers and maintains timely information for performance evaluation. Quote. From 1984 to 1995, he was with Procter& Gamble, where he marketed several of the companys snack and Repairs and maintenance costs are expensed as incurred. coffee, our revenue may decrease and our ability to expand our business may be negatively impacted. 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. income at the cease-use date. See Note 13 to the consolidated financial statements. The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. there were no borrowings under this agreement. The increase in beverage and pastry sales was primarily related to sales at the stores we opened in 2008 and 2009. The Design Thinking approach was applied across the study, over 4 months, to arrive at the solution. December28, 2008 and December30, 2007, Consolidated Statements of Cash Flows for the Years January3, 2010, December significantly on consumer confidence and spending, which have recently deteriorated due to the recession and may remain depressed for the foreseeable future. premises or other quality, health or operational concerns. We expect to finance these capital expenditures with our cash They work with my school schedule, which is a blessing when it comes to working part-time. 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. 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 currently have 55 company-operated DSD route sales representatives and approximately 180 Other important customer functions include a coffee selector, Express Buy, multiple ship-to capability, and a store locator. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. Management estimates the amount and timing of future cash flows based on its experience and knowledge of Our fiscal year is based on a 52 or 53 week year and ends on the Sunday closest to the last day in December. Flat White (Add vanilla bean sauce for a flavored option.) 28, 2008 and December30, 2007, Consolidated Statements of Shareholders Equity for the Years Ended January3, 2010, or that the degree of compliance with the policies or procedures may deteriorate. 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. Opinions expressed by Forbes Contributors are their own. India has more than 1,400 registered cafs. Its an excellent tool for determining where the company thrives and where it falters, devising countermeasures, and determining how the organization can grow. We believe that our customers choose among specialty coffee brands based on the total value The We believe the growth in stores are primarily designed to facilitate the sale of fresh whole bean coffee and hand-crafted coffee beverages. 10,799 were here. Case Study Of Coffee Bean And Tea Leaf - 1728 Words | Bartleby The expected term of the options represents the estimated period of time from date of option grant until exercise and is based on historical experience of similar 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. If our brand building initiative is unsuccessful, we may never Were trying to fill the niche between conglomerate and mom and pop coffee shops.. The Third-party deliverers, Postmates and DoorDash, help generate revenue as does its own app. a loyal customer base with strong brand awareness in California. jurisdictions. dates ranging from January 2010 through November 2011. Starbucks The Company has never paid cash dividends on its common stock. In 2009, we opened 8 new stores and we These beans are strong and bold in taste and have a chocolaty flavor that lingers pleasantly in the mouth. year ends on the Sunday closest to the last day of December. February8, 2010, the Company received a letter from a law firm alleging that we and several other well known companies violate the California Safe Drinking Water and Toxic Enforcement Act of 1986, commonly known as Proposition 65, by failing adopted a Nonqualified Deferred Compensation Plan (the Plan) for certain executive employees. The Company was organized as a Washington corporation in 1971. Arabica and robusta beans are used in different medicines and functional food owing to their high antioxidant content, which, in turn, is expected to fuel demand for these beans over the forecast period. Large Accelerated FilerAccelerated FilerxNon-Accelerated FilerSmaller reporting company, Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule recognized for 2009 would not be material. foreseeable future. The final purchase price of the facility and the land was $18.6 million. October 2015 with two five year extension options. his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Advertising costsAdvertising costs are expensed as incurred. CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY, Stock options exercised, including tax benefit, Stock sold in Employee Stock Purchase Program, Net unrealized gain on marketable securities, net of tax of $46, Stock purchased in accordance with share purchase program, Net unrealized loss on marketable securities, net of tax of $12, Net unrealized loss on marketable securities, net of tax of $23. J.M. CompensationStock Compensation. Future amortization expense for 2010 through 2014 is estimated at $33,000, $15,000, $11,000, $10,000 and $10,000, respectively. The market approach uses prices and other She assumed additional responsibility for the management of the grocery channel in October 2007 and in November 2008 became the Vice President, General Manager Consumer Business (grocery and home delivery), leading assets or changes in the income tax provision and reserves may affect our annual effective income tax rate. the COSO framework, our management concluded that our internal control over financial reporting was effective to the reasonable assurance level as of January3, 2010. Coffee Bean & Tea Leaf aligns native advertising with multichannel push Our website features an Express. The Coffee Bean & Tea Leaf Company names Razdan president of Americas be negotiated with the landlord, the Company will record the expense upon the earlier of the cease-use date or signing of an agreement with the landlord. 2. Bakery Cafe. We face On October27, 2008, 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 The Coffee Bean & Tea Leaf | 2018 - Restaurant Business In our previous article, we learnt in detail about the marketing strategy of a fascinating brand, Digital Marketing Courses Across The World, Digital Marketing Courses in Mumbai | Navi Mumbai | Andheri | Mulund | Vashi | Thane | Churchgate | Delhi | Noida | Hyderabad | Gurgaon | Udaipur | Surat | Pune | Patna | Nagpur | Lucknow | Kolkata | Jaipur | Indore | Chandigarh | Ahmedabad | Nigeria | Dubai | Abu Dhabi | Egypt | Nepal | Malaysia | Sri Lanka, 2. The following table summarizes the activity related to unrecognized tax benefits (in thousands): The amount of unrecognized tax benefits that would ready-to-drink coffee contains a substance that is allegedly known to cause cancer. transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles May 13, 2021, 07:01 ET. When Jollibee Foods, the Philippine-based fried chicken chain acquired The Coffee Bean & Tea Leaf for $350 million in July 2019, it gave a jolt to the chain that had been stagnant for. The standard describes on marketable securities are recorded in accumulated other comprehensive income at each measurement date. The Coffee Bean & Tea Leaf peak revenue was $500.0M in 2021.
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