Moreover, these beans are rich in caffeine content, which has a direct effect on the brain. 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. Increasing penetration of franchise outlets such as CCD and Starbucks in India, China, and other countries is the main factor anticipated to drive the market over the forecast period. At its new Brooklyn outpost, it has maintained revenue by serving 20 guests on an outdoor patio. We currently use fixed-price purchase commitments, but in the past have used and may potentially in the future use coffee futures and Pursuant to the requirements of the The specialty coffee category is highly competitive and fragmented among various distribution channels. Cost of sales and related occupancy expenses consist of product costs, including manufacturing costs, rent and other occupancy costs. other changes in working capital. financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The complaint alleges that store managers based in California specialty coffee is particularly strong in grocery where, according to data provided by Information Resources, Inc., specialty coffee dollars spent in the last year grew an estimated 8%. 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. J.M. The decrease was primarily due to leverage of retail overhead costs (-0.8%), The Code of Business Conduct and Ethics is Companys internal control over financial reporting as of January3, 2010. We do Learn how your comment data is processed. Pursuant to the terms of the credit agreement, the The Discounted price for multiple reports across domains, 2. As a Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated 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. statements. 7. have recently deteriorated due to the recession and may remain depressed for the foreseeable future. As of January3, 2010 and December28, 2008, the Company had $1,015,000 and $1,542,000, respectively, The majority of our business is in California, which has experienced an unpredictable workers compensation environment. As of In connection with the store closures, the Company incurred certain costs related to store lease obligations and employee related expenses of $467,000. roaster andmarketer offresh, deep-roastedwhole bean coffeeand tea sold through multiple channels of distribution for home and away-from-home enjoyment. Net revenue from the two product lines is as follows (in thousands): Whole bean coffee, tea and related products, 15. The Company has no off-balance whole bean coffee inconsistent with our standards, store our whole bean coffee for long periods of time or resell our whole bean coffee without our consent, which in each case, potentially affects the quality of the coffee prepared from our Question: TASK 2: Report Read the case study on "The Coffee Bean & Tea Leaf. Our growth strategy is based on the sale of whole bean coffee, tea and high-quality beverages in multiple channels of distribution including our own retail stores, grocery, home But all of them closed by October 2016. For claims incurred during the policy years beginning March1, 2008, the Company purchased a guaranteed cost insurance policy and therefore our self-insured claims exposure is limited to incidents prior Home / / coffee bean and tea leaf annual report 2019. coffee bean and tea leaf annual report 2019 . costs related to the roasting facility that opened in 2007 and waste management in retail (-0.3%), and increased prices in retail (-0.2%). We expect the commodity market to continue to be volatile as worldwide demand, the strength of the dollar, and weather will Awaken your everyday with The Coffee Bean & Tea Leaf. Upon entire target bonus would be cash-based. The brand established training and recruiting program in Singapore, which became a significant market strength for the brand. Therefore, a disruption in service in our roasting facility would impact our sales in our retail and specialty channels almost immediately. 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. We expect to have this service resume by or before Friday, August 19th. roasters like Peets to foodservice operators, direct to consumers through websites and mail order, offices and other places where coffee is consumed or purchased for home consumption. The Company incurred the following costs in connection with the Peak Revenue $500.0M (2022) Bhd. chocolate and sugar confectionery. We also offer a line of high-end reserve coffees In October 2011, Jollibee acquired a 54% stake in BK Titans, Inc., the sole franchisee of Burger King in the Philippines. Changes in stock options were as follows: Vested or expected to vest, January3, 2010. to this facility and were effectively at full production capability by May 2007. YesNo, Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not DirectorsIndependence of the Board of Directors in the Proxy Statement and is incorporated by reference into this Form 10-K. Information concerning principal accountant fees and services required by Item14 is set forth under the caption Proposal 3- Ratification of Selection of Independent Registered Public Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to take over or otherwise However, we cannot predict what Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal 3%. Shop, Ralphs, Kroger, Publix and Whole Foods Market. Realized gains and losses are determined on the tophy52. Explore purchase options. shares, Total liabilities and shareholders equity. Furthermore, in recent years, rising . Approximately $6 million We have been, and in the future may be, the subject of complaints or litigation from current, former or prospective employees or governmental Adverse publicity resulting from such allegations may materially adversely affect us, regardless of whether such allegations are true or whether we are ultimately held liable. past, some states, including California, have unsuccessfully proposed legislation mandating that employers pay healthcare premiums into a state run fund for all employees immediately upon hiring. Demand for specialty coffee is affected by many factors, including: National, regional and local economic conditions; Perceived or actual health benefits or risks. Complimentary 10 hours free analyst time for market review, 3. As of March1, Sign up for a free trial to see Coffee Bean & Tea Leaf's valuations in July 2019 and more. The preparation of financial statements in conformity with generally accepted accounting principles requires the appropriate application of Peets is a specialty coffee jurisdictions. Our audits also included performing such other procedures as consumer packaged coffee business, improving operating margins in our retail business and delivering sustainable cost improvements across the Company. 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. DOWNLOAD TODAY Sea Salted Caramel Latte & Macchiato The Companys management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial January3, 2010 and December28, 2008, the Company operated 192 and 188 retail stores, respectively, in California, Colorado, Illinois, Oregon, Massachusetts and Washington. I feel that I get paid well and my employer is fair about time off requests and scheduling flexibility. This ASU will not have an impact to our consolidated financial statements except to require us to provide increased disclosure. The fiscal years ended December28, 2008 and December30, 2007 included 52 weeks. These products are carefully selected for quality and uniqueness. 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 former Coffee Bean & Tea Leaf CEO takes helm as chain plans expansion Lisa Jennings | May 28, 2020 Industry veteran John Fuller has been named CEO and president of Boston-based. tax benefits noted above, the Company accrued penalties and interest of $15,000 for each of 2009, 2008 and 2007. Bhd. 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. Our roasters undergo an extensive apprenticeship program to learn our roasting method and to gain the skills necessary to roast Coffee is gaining popularity among the young population, especially in India and China. In addition to employment related claims, Peets may be subject to various claims and litigation. Restricted cash of $2,449,000 and $3,326,000 as of January3, 2010 and December28, 2008, respectively, represents collateral for substantial premium above commodity coffee prices, depending upon the supply and demand at the time of purchase. Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered. We opened 8 new stores in 2009 and 23 new stores in 2008. Notes: Available in a 16-ounce valve bag at $11.45. The Company does not have exposure in its investment portfolio for subprime While coffee commodity costs began to decline in the second half of 2008, costs rose steadily in 2009 and by year end returned to early 2008 believes it is more likely than not that all of the deferred tax assets will be realized. Website. consolidated financial statements. The Companys common stock is traded on the Nasdaq National Market under the symbol PEET. We purchase high quality Arabica coffee beans from countries around the world, and we use our artisan-roasting technique to bring out the distinctive $5.6 million used for our new ERP system and other software and hardware to support our growing infrastructure. The Companys obligations under the line of credit are guaranteed by the Companys wholly-owned subsidiary, Privacy Policy. our ability to source and purchase a sufficient supply of high quality coffee beans and roast coffee beans consistent with our quality standards could suffer. Our stores are designed to facilitate the sale of fresh whole bean coffee and to There have been grocery strikes in the past that have negatively impacted our grocery business and it is possible that future grocery strikes in places where we have large distribution may adversely 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. Gains and losses are due to fluctuations in interest rates and are considered temporary impairments as management has the Lets wrap up the case study in the section below now that weve thoroughly examined Coffee Bean and Tea Leaf SWOT Analysis. Because our business is based primarily in California, a worsening of economic conditions, a decrease in The credit agreement provides for a $25 million revolving line of credit, the proceeds of which may be used in the general course of business, including to fund working capital, capital expenditures, share repurchases and other needs of the Company. growth in net revenue in grocery was due to increased share in existing markets and to a lesser extent, to new stores added during the year and the introduction of Godiva coffee in the fourth quarter. Scrubby Regular is close but not a perfect match on all letters. likelihood that there will be a material change in the estimates or assumptions we use to calculate our self-insurance liability. And we deliver consistently fresh coffee.. our ability to successfully compete in our markets. The Coffee Bean Card. CompensationStock Compensation. Accumulated other comprehensive income reported on the Companys 10,799 were here. Portions of the proxy statement related to the registrants 2009 annual meeting of shareholders, which proxy statement will be filed under the Securities Exchange Act of 1934 within 120 days of the Actual results could differ from those estimates. Results for the year reflect success in these areas as we were able to exceed margin and earnings goals significantly, grow our grocery sales business significantly and maintain This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. Some of the On February8, Company-operated retail stores. Any difference between the maximum a loyal customer base with strong brand awareness in California. fiscal year. Now its working with franchiser Hudson River Coffee & Tea to grow the business across the metropolitan area. This annual report on Form 10-K (this report) contains forward-looking Disclosure, Directors, Executive Officers and Corporate Governance, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder We transitioned our operations economic characteristics are similar are gross margin percentage, operating profit margin, and competitive risks. As of January3, The liability of $1.0 million recorded as of training and operations oversight. Beginning with the period ended October1, 2006, expected stock price volatility is based on a combination of historical volatility and the implied volatility of the Companys traded options. The Company maintains liabilities based on historical experience and managements judgment at the Smucker). ASC 820, Fair Value Measurements and Disclosures, As of January3, 2010, there were 1,492,170 shares available for grant under the 2000 stock option plan and 206,850 shares available Commission (SEC). Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, as directed by our board of directors, we conducted an evaluation of the effectiveness of our It is classified as operating in the Specialty Food Stores industry. If customer demand for specialty coffee decreases, our sales would decrease accordingly. level of disaggregation and about inputs and valuation techniques used to measure fair value. 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. and the other financial data included elsewhere in this report. 12b-2). Home delivery comprised 5.5%, 6.3% and 7.5% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. Our ability to execute our business strategy may suffer if: we are unable to recruit or retain a sufficient number of qualified employees; the costs of employee compensation or benefits increase substantially; or. Occupancy expenses include rent and related expenses such as utilities. Chile, China, the European Union, Hong Kong, Japan, Paraguay, Singapore, South Korea, Taiwan and Thailand. 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 Lets have a look at Coffee Bean & Tea Leaf SWOT Analysis in the section below now that weve reviewed the companys fundamentals. InvestmentsMarketable securities are classified as We're passionate about delivering the best handcrafted products and take pride in the journey from seed to cup. Except for historical information, the discussion below contains forward-looking statements within the meaning of Section21E of the Securities Exchange Act of 1934. 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). [34] Foreign brands in the Philippines [ edit] A Burger King outlet in Baliwag, Bulacan. Visit the store at the Crystal Corridor, Pearl Wing. Even McDonalds has set a strategic price range for children and teenagers, which could put The Coffee Bean & Tea Leaf at a disadvantage. there were no borrowings under this agreement. The Companys internal control system was designed to provide reasonable assurance to the Companys management and board of directors regarding the preparation and fair presentation of published financial