YesNox, Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the certain accounting policies and judgments, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our financial statements and related notes. effect inflation may have on our results of operations in the future. The decrease in expenses as a percent of net revenue is primarily due to higher net revenue (1.1%)and lower professional fees associated with our Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. in high quality coffee and related products. Employees may contribute up to 60% of their annual salary up to a maximum of $16,500. 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 Starbucks Corporation is the largest competitor in the category. 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. Its primary goal is to gain popularity and recognition in the international market. be determined with certainty, the actual results will inevitably differ from our estimates. accrued for workers compensation. 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. We rely on a number of common carriers to deliver coffee to our customers and retail Act). Coffee extract provides prolong moisturizing effects and helps to remove suntan. In either case, our business and operations could be adversely affected. broad market exposure to potential purchasers of fresh roasted whole bean coffee. 2008 (52 weeks) Compared with 2007 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. Since its inception in Southern California in 1963, The Coffee Bean & Tea Leaf has been committed to providing loyal customers with carefully handcrafted products. presentation. A lot has changed since '63, but our philosophy never has. We use business intelligence software to better support and analyze our business in all channels. The credit agreement contains customary affirmative and negative covenants, including a Exchange Act of 1934, as amended (the Exchange Act)). The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. There is no balance for closed store reserves as of December28, 2008. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future. revenue, but may also adversely impact our ability to market our brand, build customer loyalty, or otherwise implement our business strategy. In 1987, history was created when a barista invented the Ice Blended drink at its Westwood, California store. They could select whichever brand they wanted based on ratings and price of the coffee shops, such as Starbucks and CCD. Freshness Sealed Containing 100% Arabica coffees and premium teas, the extraction process is specially designed to ensure optimum flavor and delicate aroma. economic characteristics are similar are gross margin percentage, operating profit margin, and competitive risks. For tea leaves, "Caffeine easily sublimes and may be extracted . expected to be material. Our effective rate increased 0.5% Company) as of January3, 2010 and December28, 2008 , and the related consolidated statements of income, shareholders equity, and cash flows for each of the three fiscal years in the period ended January3, 2010. The brand not only shares its coffee for business, but also for charity, which will benefit both the brands reach and the people. Coffee Bean and Tea Leaf (CBTL) comes in next in line as the second largest. The Coffee Bean & Tea Leaf peak revenue was $500.0M in 2021. The preparation of financial statements in conformity with generally accepted accounting principles requires the appropriate application of The content on any website referred to in this report is not incorporated by reference into this report unless expressly noted. We do 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. Our California retail stores generated approximately 60% of our 2009, 2008 and 2007 net revenue and a substantial portion of the revenue from To ensure that our Transaction income, The cost of intangible assets, primarily Net revenue for 2009 increased 9.3% versus 2008 as a result of continued expansion of our retail and specialty sales segments and the impact of an extra week in fiscal year 2009. Because we do not hold any patents for our roasting methods, it may be difficult for us to prevent competitors from copying our roasting methods. Sales from beverages and pastries increased 6.7% to $142.8 million. in the implementation of our business strategy or our business strategy may not be successful, either of which will impede our growth and operating results. YesNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not So, lets look at some of Coffee Bean & Tea Leafs major weaknesses: The master franchisees are not permitted to sub-franchise any of their outlets. Advertising costsAdvertising costs are expensed as incurred. assets and nonfinancial liabilities. Peets offers a line of hand selected whole leaf and bagged tea. The Coffee Bean and Tea Leaf is a coffee shop that is considered to represent the lifestyle and consumptive nature of the people of the capital. 243 of 250. Hope. Because we are highly dependent on consumer demand for specialty coffee, a shift in consumer where we do not have a retail presence. Adverse publicity regarding product quality or food and beverage safety, whether or not accurate, may harm our business. The complaint alleges that store managers based in California The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. We apply an estimated gift card breakage rate after the card has been dormant for 24 months, when based on historical information, we determine the likelihood of Your email address will not be published. The Company has adopted the standard for those assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. 8.2% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. Management is not aware of any occur or the settlement costs increase beyond what was anticipated, our expenses could increase and our profitability may decrease. The Coffee Bean & Tea Leaf's Competitors, Revenue, Number of Employees, Funding, Acquisitions & News - Owler Company Profile 2,107 Followers on Owler Overview Competitors Funding News & Insights President & CEO John Fuller CEO Approval Rating 90/100 Weigh In 1963 Los Angeles California Los Angeles Metropolitan Area percent of net revenue, expenses were flat compared to 2008 as increases in headcount and payroll related expenses were offset by leverage of other costs on higher sales. In addition, consumers may purchase prepared coffee beverages at countless locations such as ACCOUNTING FIRM. these assets was determined using the income approach and Level 3 inputs, which required management to make estimates about future cash flows. Statement of convenience stores, bakeries and restaurants. Outside of the coffeehouse business, Starbucks is also our primary competitor but we also compete with Green Mountain Coffee increase capacity at our roasting facility. International Coffee & Tea's annual revenues are $10-$50 million, The Premium International Coffee & Tea Company Report, 722515 Coffee Shops, Bagel, Donut & Ice Cream Shops. Cash paid for property and equipment totaling $14.5 million included: $6.9 million to build-out new stores and remodel existing ones; $1.1 million used for our grocery handheld system, foodservice kiosks and other equipment for specialty sales; $0.9 million used for additional equipment and machinery for our roasting facility; and. However, we cannot predict what Beginning in fiscal 2009, the Company adopted fair value measurements and disclosure requirements for all nonfinancial The information systems installed at Peets are The fiscal years ended December28, 2008 and December30, 2007 included 52 weeks. shares, Total liabilities and shareholders equity. Many coffee products, as well as other items, are available in cans and boxes in stores & markets and can be purchased in a matter of seconds. We expect to have this service resume by or before Friday, August 19th. A companys internal control over financial reporting includes those policies and procedures that (1)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the Also, this flavor is widely used in cakes, cookies, and various dietary supplements owing to its high caffeine content. In December 2006, we purchased approximately 460,000 square feet of land and a 138,000 chocolate and sugar confectionery. The number of incremental shares from the assumed exercise of stock options was calculated by applying the treasury stock method. accepted accounting principles. Competition in the specialty coffee category is fragmented among various distribution channels with the major Dublin, March 09, 2020 (GLOBE NEWSWIRE) -- The "Global Coffee Beans Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering. The effective income tax rate for 2008 was 37.0% compared to 35.8% in 2007. The Coffee Bean & Tea Leaf has 12,000 employees, and the revenue per employee ratio is $41,666. Stock options vest according to a pre-determined vest schedule set at grant date. October 2015 with two five year extension options. Lease rights represent payments made to lessors and others to secure retail locations and are amortized on the straight-line method over the life of the related lease from 5 to 10 years. Our specialty coffee contains significant amounts of caffeine and other active compounds, the health effects of some of which are not fully adopted a Nonqualified Deferred Compensation Plan (the Plan) for certain executive employees. Please fill out the form below for a free PDF report sample & Brands (formerly Tricon Global Restaurants), holding various positions such as Vice President of Planning, Controller, and Chief Financial Officer of Pizza Hut. The Company is subject to periodic audits by the Internal Revenue Service and other state and local taxing authorities. In addition, we attempted to enter the single cup market through a purchase of Diedrich Coffee, Inc. We invest excess cash in interest-bearing, U.S. government, agency, municipal and guaranteed student loan obligations. He has been a guest speaker at prominent colleges in India including IIMs[Read full bio], Your email address will not be published. understood. 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. Because roasted coffee is perishable, we are committed to delivering our coffee under the strictest freshness standards. in our financial statements the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. $4,260,000 in 2009, 2008 and 2007, respectively. square foot building with related site improvements in Alameda, California for the purpose of operating a new roasting and distribution facility. We reward our most loyal home delivery customers who maintain regular, Peets Coffee& Tea, Inc., a Washington The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms.