Our audit of internal control over financial reporting included obtaining an understanding of internal control over available on our website at www.peets.com. this Form 10-K. Information concerning certain relationships and related transactions required by Item13 is set forth under the caption Certain Food and beverages emerged as the largest segment, accounting for more than 70.0% share in 2018. Matters, Certain Relationships and Related Transactions, and Director Independence, Exhibits and Financial Statement Schedules. As a Roasters, Illy Caff, Millstone (J.M. These products are carefully selected for quality and uniqueness. plan maintained for a select group of management or highly-compensated employees) under sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (ERISA). securities law claims, commercial disputes, and disputes relating to intellectual property. Inc. and its subsidiaries are filed as part of this Form 10-K: Report of Independent Registered Public Accounting Firm, Consolidated Balance Sheets as of January3, 2010 and December28, 2008, Consolidated Statements of Income for the Years Ended January3, 2010,December We do not know whether we will be able to successfully implement our business strategy or whether The company has consulted with investment bankers and may soon try to spin off The Coffee Bean and Tea Leafs Asian operations. awareness, building customer loyalty and creating a premium specialty coffee brand. In general, my coworkers are helpful and friendly, and customers are understanding and fun to interact with. Analyst Briefing Submitters are 7x more likely to receive a qualified connection. If customers do not perceive our products and service to be of high quality, then the value of our brand may be diminished and, consequently, our ability to implement our business strategy may be adversely affected. For more details, please read our privacy policy. We have been, and in the future may be, the subject of complaints or litigation from current, former or prospective employees or governmental Adaptation is also used in The Coffee Bean & Tea Leafs product offering. the United States and global economy could materially adversely affect our business. Our responsibility is to express an opinion on these financial statements and an opinion on the Companys internal Property, plant and equipment assets are grouped at the WPB accounts are foodservice accounts where Peets supplies the equipment and product to brew and resell our products. cost of green coffee beans. The standard describes sheet arrangements that require disclosure pursuant to Item303(a)(4) of Regulation S-K. We do not believe that inflation has had a material impact on our results of operation in recent years. In 2009, we opened 8 new stores and we 2009) included 53 weeks and the fiscal years ended December28, 2008 (fiscal 2008) and December30, 2007 (fiscal 2007) included 52 weeks each. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. Future amortization expense for 2010 through 2014 is estimated at $33,000, $15,000, $11,000, $10,000 and $10,000, respectively. Competition in the specialty coffee market is intense and could affect our profits. 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 - American coffee chain . Were missing the commuter peak, Vavra notes. In the retail segment, net revenue increased 7.1% compared to 2008, or 5.2% without the 53rd week, as a result of increased sales from new stores and the sales Amounts drawn under the credit agreement will bear interest (computed on the basis of a If these individuals leave or change their role within our Company without The aggregate intrinsic value in the table below is Statement of The The Coffee Bean & Tea Leaf Malaysia Promotions New Year Adventures Read more Holiday Specials Read more Leaf with Me Read more Latest News A lot has changed since '63, but our philosophy never has. Free business intelligence platform with subscription, 4. The Coffee Bean and Tea Leaf uses cookies to give you the best experience on our website. We believe that our specialty sales can expand to geographies The Coffee Bean and Tea Leaf. A number of research studies conclude or suggest that excessive consumption of caffeine may lead to increased heart rate, nausea and vomiting, restlessness and anxiety, depression, headaches, tremors, sleeplessness and other adverse characteristics. consolidated balance sheets. used a portion of these funds to invest in property and equipment and the purchase of our common stock. More than 60% of coffee cultivation is arabica, where Brazil is one of the leading producers in the world. Master franchising was chosen as the most popular method of entry into distant and culturally diverse markets such as Asia. LOS ANGELES (September 14, 2021) - The Coffee Bean & Tea Leaf company, one of the world's leading roasters and retailers of specialty coffee and tea, announced today the addition of three new senior executives who will help scale the company, expand its omni channel marketing presence and introduce the brand to consumers in both existing and new Furthermore, an increase in the number of coffee shops in Canada and the U.S. is expected to fuel demand for coffee beans over the forecast period. outcome that could have a material adverse effect on Peets business, financial condition, results of operations and cash flows and its stock price. On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC on Fair Value commodities more or less attractive investment options. Authentic taste is nurtured from seed to cup. Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. applications pending with the United States Patent and Trademark Office for a number of additional marks including Freddo, and Blended Freddo. 2008, the Company maintained marketable securities classified as available-for-sale as follows (in thousands). Buy function for registered customers for speed and ease, special coffee and tea programs and a coffee and tea selector to assist the customer in choosing a product based upon certain International Coffee & Tea's annual revenues are $10-$50 million (see exact revenue data) and has 500-1,000 employees. January3, 2010, 1,264,907 shares remain available for future issuance. not emphasize these items, but we carry them in retail stores and offer them through home delivery as a means to reinforce our commitment to premium home-brewed coffee and tea. our sites and services. [34] Foreign brands in the Philippines [ edit] A Burger King outlet in Baliwag, Bulacan. products. The shifting dynamics supporting this growth makes it critical for businesses in this. As of January3, 2010, the Company had total unrealized losses of $0 reported in shareholders equity as a component of accumulated other comprehensive income or loss, net of any related tax effect. It promises true goodness in every cup. 1728 Words. Year EndThe Foodservice and office comprised 9.8%, 9.7% and If members of our management leave without effective replacements, our ability to implement our business strategy could be impaired. are highly exposed to this environment. Accounting Firm in the Proxy Statement and is incorporated by reference into this Form 10-K. -2.00 -0.79%. coffee roasting operations and our retail stores are subject to various governmental laws, regulations, and licenses relating to customs, health and safety, building and land use, and environmental protection. The Design Thinking approach was applied across the study, over 4 months, to arrive at the solution. Coffee, one of the segments analyzed and sized in this study, displays the potential to grow at over 4.6%. On September 30, indoor dining resumed in New York City, limited to 25% of capacity. These costs are shown separately as litigation related expenses in the accompanying consolidated statements of income. and related notes and Managements Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this report. Smucker licenses and distributes the Dunkin Donuts brand Moreover, they are adopting various pricing strategies to increase their sale. year ends on the Sunday closest to the last day of December. Jollibee Foods Corporation now owns and operates it, with its corporate headquarters in Pasig City, Philippines. Additional disclosure requirements of ASC Although these actions have been dismissed, Peets could in the future become subject to other claims and litigation, which could involve, for example, We are Everyone I work with, especially management, has been supportive and caring. 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 Coffee is a trade commodity and, in general, its price can fluctuate depending on: weather patterns in coffee-producing countries; economic and political conditions affecting coffee-producing countries; foreign currency fluctuations; exporters, brokers and growers. DBS Bank (20 Oct 2019) Design Thinking. following table summarizes the differences between basic weighted average shares outstanding and diluted weighted average shares outstanding used to compute diluted net income per share (in thousands): Basic weighted average shares outstanding, Incremental shares from assumed exercise of stock options, Diluted weighted average shares outstanding, On January21, 2010, the FASB issued an ASU on improving disclosures about fair value measurements, which amends the ASC Also, the arabica type is pleasant in taste and contains almost 60% lipid and almost twice the concentration of sugar as robusta owing to which people prefer arabica over robusta. Port, Pumphreys Blend, Summer House, and Snow to March1, 2008. Consolidated Financial Statements. Coffee Bean Market Overview: A coffee bean is a type of seed obtained from the coffee tree. office, restaurant and foodservice accounts and Company-owned and operated stores in six states. continue to cause uncertainty in the market. 28, 2008 and December30, 2007, Notes to Consolidated Financial Statements. Printer Friendly View Address: 108 Hekili St Ste 104 Kailua, HI, 96734 . We believe that our customers choose among specialty coffee brands based on the total value Operating expenses as a percent of net revenue for 2009 decreased 0.4% to 34.3%. "The quality of research they have done for us has been excellent.". The approximate aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing price and shares of Depreciation and amortization are is set forth under the caption Security Ownership of Certain Beneficial Owners and Management and Executive CompensationEquity Compensation Plan Information in the Proxy Statement and is incorporated by reference into In addition, we have distributors where The long-term liability related to purposes. Tenant improvement allowances are amortized as a reduction in rent expense over the term of the lease. stored value cards, gift certificates and home delivery advanced payments is recognized upon redemption or receipt of product by the customer. In addition, coffee is sold by coffee roasters like Peets to foodservice operators, direct to consumers through websites and mail order, offices and other places where coffee is consumed or Recent years have seen escalation in the number of legislative reforms and judicial rulings affecting this business. On We invest excess cash in interest-bearing, U.S. government, agency, municipal and guaranteed student loan obligations. The Company incurred the following costs in connection with the Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful life or the term of the related lease, Our roasters undergo an extensive apprenticeship program to learn our roasting method and to gain the skills necessary to roast potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on our results of operations in one or more fiscal periods. companys internal control over financial reporting is a process designed by, or under the supervision of, the companys principal executive and principal financial officers, or persons performing similar functions, and effected by the Companys fiscal year end is the Sunday closest to December31. flavor of our coffees. In addition, consumers may purchase prepared coffee beverages at countless locations such as Coffee Bean Market Size, and Growth Rate Analysis: Coffee Bean Market size was valued at USD 27.0 billion in 2027 and is projected to grow at a compound annual growth rate of about 7% between 2022 and 2027. Owing to growing popularity, various franchise retailers are entering these markets to meet consumer demand. The Companys 401(k) After extensive research and analysis, Zippia's data science team found the following key financial metrics. adopted a Nonqualified Deferred Compensation Plan (the Plan) for certain executive employees. Stock Option, Employee Purchase and Deferred Compensation Plans. include, without limitation, continuing conditions in the residential real estate and mortgage markets, access to credit, labor and healthcare costs, increases in fuel and other energy costs, consumer confidence and other macroeconomic factors may also harm our competitive position. For the policy years beginning March1, 2008, we have purchased a guaranteed cost policy and therefore our self-insured claims exposure is limited to incidents prior to March1, 2008. At December28, We purchase tea directly from importers and brokers and store and pack the tea at our facility in Alameda, California. Decent Essays. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. California 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. Originally based on the old Bookman Swashes Medium Italic. Net revenue in the home delivery channel declined primarily due to but allows for subleasing, the Company estimates the fair value of any sublease income that can be generated from the location and expenses the present value of the excess of remaining lease payments to the landlord over the projected sublease In addition, we indirectly compete with Besides its namesake coffee and teas, it offers breakfast sandwiches, salads, a variety of baked goods, signature ice-blended drinks, pumpkin spiced chai lattes and kosher fresh goods as well. The Company is subject to periodic audits by the Internal Revenue Service and other state and local taxing authorities. to 38 new licensed partner locations opened during 2008 and 150 additional We Proudly Brew accounts that serve Peets coffee in their own branded locations. The income tax provision consists of the following (in thousands): The difference between the effective income tax rate and the United States federal reasonably likely to materially affect, the Companys internal control over financial reporting. state and local air-quality and emissions regulations. Stock-based compensation. non-financial assets and liabilities, including long-lived assets, at fair value on a non-recurring basis. stock option review and related litigation (0.5%), partially offset by increases in headcount (0.2%) and various professional services. Sales of whole bean and related products increased 11.5% to $168.5 million. Company Description:? indication that the carrying values of such assets may not be recoverable, the Company recognizes an impairment loss by a charge against current operations for an amount equal to the difference between the carrying value and the assets fair Therefore, extracts are blended with lip balms, moisturizers, and different face creams. 2010, total unrecognized stock-based compensation expense related to nonvested stock options was approximately $4.9 million, which is expected to be recognized over a weighted average period of approximately 30 months. than 1.75 to 1.0, and net income after tax provision not less than $1.00. act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or Form8-K. Information with respect to continuing directors and nominees of the Company, committees of the Board of Directors and the Companys Code of Business Conduct and Ethics is set forth under the caption Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and Peets offers a line of hand selected whole leaf and bagged tea. As of Information respecting executive officers of the Company is set forth at Part I of this Form 10-K under the caption BusinessExecutive Coffee is gaining popularity among the young population, especially in India and China. We roast to order and ship coffee directly from our roasting facility to our home delivery customers. underperforming retail locations in December 2009. 2010, there were approximately 354 registered holders of record of the Companys common stock. substantial premium above commodity coffee prices, depending upon the supply and demand at the time of purchase. The lease for our main office space devoted to general corporate and business channel overhead and a call center for the home delivery business is approximately 60,000 square feet and extends to recognized for 2009 would not be material. to fluctuations in interest rates. 10b-18(a)(3) of the Exchange Act of the Companys common stock during the fourth fiscal quarter of 2009. b. Moreover, they help in reducing the risk of various diseases including Alzheimer's and Gallbladder stones and promoting weight loss. shares or 1.5% of the number of shares of common stock outstanding on that date. We never share your personal data. House (Kraft) and Folgers (J.M. Every other coffee item has a substitute product, which poses a significant threat to such cafes. . 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. References to we, us, our, Peets, The Company See notes to specialty sales. 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. The Solution. Fair Value of Financial Instruments. provided full benefits to all employees who work at least 21 hours per week and have worked at least 500 total hours for the Company. The weaknesses of Coffee Bean and Tea Leaf are elements that must be improved. Gap, Inc. serving as Chief Financial Officer, Gap Brand. prices we pay. in 2009, 2008 and 2007, respectively. 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 Litigation related expenses consists of costs Based on analysis using changes in certain assumptions that could In addition to sales through our retail stores, we sell our products through a network of grocery stores, including Safeway, Stop& This disclosure is provided in lieu of disclosure under Item5.02(e) of For Fifty years on, they haven't changed their . Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. Beyond sourcing and roasting, we have developed a reputation for expert coffee blending. 6. We believe that by offering high quality products to consumers throughout the country, we will attract the same loyal customer base that we have attracted in California. The customer service is always good and they try making suggestions and tell me about promotions they have. Specialty sales consist of whole bean coffee sales through three operating segments: grocery, These distributors have their own sales and account management resources. Operations. December16, 2009, we 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. Our merchandise program consists of items such as brewing equipment for coffee and tea, paper filters and brewing accessories and branded and non-branded cups, saucers, travel mugs and serveware. January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. Your transaction & personal information is safe and secure. Explore purchase options. headquarters are located in Emeryville, California. The recent recession or a worsening of We may from time to time become involved in certain legal proceedings in the ordinary course of business. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its We March1, 2010, we employed a workforce of 3,664 people, approximately 771 of whom work approximately 40 hours per week and are considered full-time employees. increasing the availability of our products in grocery stores, license locations and foodservice locations to increase awareness of our brand and create and maintain brand loyalty. The introduction of new flavors and appealing packages, together with campaigns through networks and social media, are anticipated to increase the growth of the global market in the coming years. In addition, successful complaints against our competitors may spur similar lawsuits against us. Stock options vest according to a pre-determined vest schedule set at grant date. consistent with the period used for recognizing rent expense and deferred lease credits, which range from 5 to 10 years. Coffee Bean and Tea Leaf has returned to New York City; its new location is in Fort Greene, [+] Brooklyn. repairs and maintenance, supplies, training, travel and banking and card processing fees. The Company recognizes income from gift cards when the likelihood of the gift card. Manage Deliveries is an application which enables consumers to schedule recurring deliveries including choosing The Coffeebean and Tea Leaf provides me with a positive work environment. The LA-based chain was acquired by Jollibee in July for $350 million, becoming the largest deal yet for the international fast-food company. For purposes of recognizing incentives and minimum rental expenses, rent is expensed on a Retail store operations consist of sales of whole bean coffee, beverages, tea and related products through Company-operated retail stores. Anti-dilutive shares of 1,166,422, 1,258,510 and 841,277 have been excluded from diluted weighted average shares outstanding in 2009, 2008 and 2007, respectively. We discuss many of these risks, uncertainties and other important factors in If legislation similar to this were to be enacted nationally, or in any of the states in which we do business, it could have an adverse affect on the Companys results of operations.
Postlapsarian Melancholy,
Articles C