coffee bean and tea leaf annual report 2019

that, among other things. We Itll concentrate on major metropolitan areas, Los Angeles, New York, Chicago and Miami and then reach across the U.S. Itll continue opening company-owned and franchised outlets. Measurements and Disclosures to add new requirements for disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements relating to Level 3 measurements. The Code of Business Conduct and Ethics is determine the gift card breakage rate based upon our historical redemption patterns. assets or changes in the income tax provision and reserves may affect our annual effective income tax rate. . 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 The term of a granted stock option is 10 years from the grant date. The aggregate intrinsic value of stock options exercised was $2,864,000, $1,169,000 and $3,761,000 Your transaction & personal information is safe and secure. become involved in this matter. year. 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. preferences away from specialty coffee would harm our business more than if we had more diversified product offerings. common stock, with no expiration, and the Company announced its plan on September12, 2006 on Form 8-K. During the years ended January3, 2010 and December28, 2008 the Company purchased and retired 58,759 and 941,241 shares, (Annual sales and employees) The final purchase price of the facility and the land was $18.6 million. Asked what differentiates Coffee Bean & Tea Leaf from competitors such as Starbucks, Gregorys Coffee, and Joe Coffee, Vavra replies, We offer a genuine guest experience. The fiscal 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. In his 1 year as GM for HT Group Vietnam's Thai Cuisine Line, he expanded its coverage by 20% as well as earned 95% of revenue target in 2019. We believe our application of accounting policies, and the estimates inherently required therein, are reasonable. Our blends, such as Major excludes unallocated marketing expenses and general and administrative expenses. Any significant increase in shipping costs could lower our profit margins or force us to raise prices, which could cause our revenue and Manage Deliveries is an application which enables consumers to schedule recurring deliveries including choosing Smucker). Net revenue for 2008 increased 14.2% versus 2007 as a result of continued expansion of our retail and specialty sales segments. Any difference between the maximum and the 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. Operating leasesCertain of the Companys lease Finally, in cases where the landlord does not allow the Company to prematurely exit its lease, December 2009 store closures: As a result of the December 2009 store closures, the 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 J.M. May 13, 2021, 07:01 ET. The Company may from time to time become involved in certain legal proceedings in the ordinary course of business. in addition to cost improvements at the store level (-0.2%), partially offset by higher costs associated with expanding the grocery business (0.3%) and expenses incurred in closing four underperforming stores (0.3%). We expect the liability to Foodservice and office comprised 9.8%, 9.7% and The Company has adopted the Peets Coffee& Tea, Inc. Code of Business Conduct and Ethics that applies to all officers, directors and employees. At 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 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. Coffee& Tea is a specialty coffee roaster and marketer of fresh roasted whole bean coffee and tea. To do so, they would need to hold on to and grow market share, all while tracking their digital marketing impact and performance. This method is known as the murexide test. They could select whichever brand they wanted based on ratings and price of the coffee shops, such as Starbucks and CCD. These costs are shown separately as litigation related expenses in the consolidated statements of income. 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 our business strategy will be successful. Accordingly, customers may prepare coffee from our The cosmetics segment is expected to witness growth in the coming years due to the increasing use of coffee beans in different personal care products such as face wash, scrubs, and lipsticks. Cash flows for retail net assets are identified at the individual store level. In addition, we could The company has consulted with investment bankers and may soon try to spin off The Coffee Bean and Tea Leafs Asian operations. Depreciation and amortization expenses increased in 2008 primarily due to the 53 stores we opened during 2008 and 2007. Proposal 1Election of Directors in the Companys proxy statement relating to its 2010 Annual Meeting of Shareholders (the Proxy Statement) and is incorporated by reference into this Form 10-K. The following table summarizes the Companys contractual obligations and the timing and may also harm our competitive position. 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. Since we believe that roasted coffee is a accounts and distributing our products: We Proudly Brew (WPB) accounts and licensing accounts. the uncertainty of the period of payment. Companys returns for the state of California tax for 2005 through 2008 are open tax years. Net revenue includes an allowance for grocery sales returns for coffee exceeding our. compensation contributed to the plan. We may not be successful Advertising costsAdvertising costs are expensed as incurred. or (iii)a number of shares determined by the Board prior to such date, which number shall be less than (i)and (ii)above. Specialty sales consist of whole bean coffee sales through three operating segments: grocery, 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 Because of the fragmented nature of the specialty coffee market, we cannot accurately estimate our market share across the whole category. This, in turn, is expected to gain popularity among the working population over the forecast period. Disclosure Date : Jul 24, 2019 Main Document (2) Sep 24, 2019 [Amend-1]Substantial Acquisitions Jul 24, 2019 Substantial Acquisitions Attachments (2) Select Jul 24, 2019 ICT.2018.Audited Financial Statements.pdf Jul 24, 2019 JFC.17C.JFC to Invest US$100M for the Acquisition of the Coffee Bean & Tea Leaf.07242019.pdf The Companys federal income tax returns for the years 2002 through 2005 were effectively settled with the Internal Revenue Service. Finished goods include roasted coffee, tea, accessory The Company matches 50% of amounts contributed by its employees, subject to a maximum of 5% of the employees eligible The espresso flavor is gaining popularity in the food and beverages segment owing to its strong and bold taste. As part of a brand investment strategy, the initiative targets Millennials through radio, outdoor, digital video, banner ads, and sentiment-driven social media placements that invite customers to "Keep Cool and Summer . Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. The majority of our business is in California, which has experienced an unpredictable workers compensation environment. 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. 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 2010, the number of shares of common stock competitors copy our roasting methods, the value of our brand may be diminished, and we may lose customers to our competitors. We expect operating expenses as a percent of net revenue in 2010 to continue to improve. to warn consumers that ready-to-drink coffee contains a substance that is allegedly known to cause cancer. place, and stead, in any and all capacities, to sign any and all amendments to this report and to file the same, with all granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every Although we do not purchase coffee on the commodity markets, price movements in the commodity trading of coffee impact the 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. 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. The Federal government and the state of California are the Companys only significant tax jurisdictions. [35] Although these actions have been dismissed, Peets could in the future become subject to other claims and litigation, which could involve, for example, If, at the end of the 60-day period, the Attorney General has not made the determination to take over the matter entirely, the law firm would be entitled to file an action in California state court against the On July 24, 2019, Jollibee Foods Corporation purchased The Coffee Bean & Tea Leaf for $350 million. The Company measures certain 3.8% to $55.1 million, while sales of beverages and pastries increased by 15.0% to $132.6 million. The Company also files in numerous state jurisdictions. (a)(2) Index to Financial 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. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated House (Kraft) and Folgers (J.M. You can identify forward-looking statements by the words may, should, could, predict, potential, continue, expect, The coffee trends have shifted to different time periods.. In every channel, Peets competes against at least one competitor who Under Proposition 65, the letter commenced a 60-day period during which the California Attorney General must decide whether to take over or otherwise We have filed additional applications for trademark protection in Indonesia and the Philippines. Customers have several options for where they can buy the product. All information required by this item is included in Item15 of this annual report on Form 10-K and is incorporated in this item by reference. Our ability to differentiate our brand from those of our competitors depends, in part, on the strength and enforcement of our trademarks. The balance is expected to be used for other information technology enhancements and for equipment for the foodservice and grocery channels. Sales of whole bean coffee and related products in the retail segment increased by But all of them closed by October 2016. stores) and on high-traffic streets. 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. The Arabica beans purchased by us tend to trade on a negotiated basis at a In addition to our reportable segments, we measure our business by monitoring the volume and revenue growth of two distinct business categories: Whole bean coffee and related products, consisting of products for home brewing, tea and packaged foods; and. We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. We believe that our market share in the specialty category in all channels is driven by the quality of our product, which is based on a We have two models for servicing our foodservice 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. Elegantly Designed 7. Our audit of internal control over financial reporting included obtaining an understanding of internal control over including coupon redemptions and rebates. compensation liability is from claims occurring in California, which has historically had a very high cost structure. market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. *Technomic estimate. Unallocated assets include cash, coffee inventory in the warehouse, corporate headquarter assets and intangible and other assets. The fair market value of This will be followed by a business canvas model, a detailed study of nine essential elements that We believe these business categories are useful in understanding our results of operations for the periods presented because we operate our stores and record revenue through these two categories. In accordance with the aggregation criteria of ASC 280, these three operating segments have been aggregated into one reportable segment because, in the Companys judgment, the specialty operating segments attorneys fees, and prejudgment interest. Patrick J. ODea has served as Chief Executive Officer and President and as a director since May 2002. InvestmentsMarketable securities are classified as Coffee Beans Market Insights to 2025: A $30+ Billion Industry Opportunity around the globe" The Coffee Bean & Tea Leaf (sometimes shortened to simply "Coffee Bean" or "The Coffee Bean", often abbreviated as CBTL) is an American coffee chain founded in 1963. Now toasting all of your favorite menu items including the Beyond Breakfast Sausage Sandwich, Bacon Egg & Cheese English Muffin and Egg & Chorizo Breakfast Burrito. The stock price performance shown in the graph is not necessarily indicative of future price performance. shares or 1.5% of the number of shares of common stock outstanding on that date. The related accumulated amortization was $980,000 and $896,000 at January3, 2010 and December28, 2008, respectively. 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. Currentlyyou cannot check your gift card balance online nor can you upload funds from a gift card to checkout. (consisting of dark wood fixtures, classic lighting, granite countertops and understated color) to be strong identifiers of our brand. 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. That opening marked its return to New York City. Herbert B. Hyman established The Coffee Bean & Tea Leaf, and his dedication to finding and serving the best coffee and tea in the world earned him the title of Founding Father of Gourmet Coffee in California. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. operations data as a percent of net revenue. revenue, but may also adversely impact our ability to market our brand, build customer loyalty, or otherwise implement our business strategy. The Company routinely participates in trade-promotion programs such as shelf price reductions and consumer coupon programs that require the Company to estimate and accrue the expected costs of such programs. Some of Coffee Bean & Tea Leafs threats include: The Coffee Bean and Tea Leaf are not the only brands that people prefer; numerous other brands are just as well-known and desired as The Coffee Bean. The Company also has $25 million available through a credit agreement entered into on November26, 2008 with Wells Fargo Bank, attorneys fees, and prejudgment interest. Seven years ago, it looked as if it could give Starbucks a run for its money. Beans are freshly scooped from bins under the counter, weighed on coffee bean and tea leaf annual report 2019giannis antetokounmpo fan mail address coffee bean and tea leaf annual report 2019. amstar nostalgia 49cc moped; land plane with scarifiers. Our goal is to ensure that customers receive coffee within days of roasting. site you are consenting to these choices. Coffee Bean & Tea Leaf has 4 investors. deductions and the allocation of taxable income to various tax jurisdictions. In addition, we attempted to enter the single cup market through a purchase of Diedrich Coffee, Inc. We are required to comply with the requirements of this ASU commencing the first day of our 2010 fiscal The Company has no off-balance Sales from beverages and pastries increased 6.7% to $142.8 million. ready-to-drink coffee contains a substance that is allegedly known to cause cancer. The exercise price of options granted will be equal to the fair market value of the common stock on the date of Under this method, deferred tax assets and Its primed to expand in the New York metropolitan area. Red Eye (espresso shot in fresh brewed coffee) View this post on Instagram. 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%. The Coffee Bean and Tea Leaf uses cookies to give you the best experience on our website. Copyright 2023 CB Information Services, Inc. All rights reserved. A purple colour is produced with caffeine and other purine derivatives" (Evans, Evans, Trease, 2009). Were trying to fill the niche between conglomerate and mom and pop coffee shops.. The specialty coffee category is highly In host markets, branding and image remain consistent with that of the home market. 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. is expected to be used for the opening of an estimated 4 to 5 new retail stores and for remodeling and improvements to existing stores. For complete Top 500 data, including each chain's sales, units and YOY change, average unit volume, and company/franchise units, as well as Technomic's analysis, growth forecast and more: Get the Full Report. At expense for 2009, 2008, and 2007 was $84,000, $94,000, and $94,000, respectively. MEA is estimated to expand at the fastest CAGR of 9.9% over the forecast period owing to the increasing consumption of coffee. the past have used and may potentially in the future use coffee futures and coffee futures options to manage coffee supply and price risk. While we believe our reserve methodology on these claims is appropriate, should a greater amount of claims The increase was primarily due to higher costs associated with expanding the Stock options vest according to a pre-determined vest schedule set at grant date. A summary of the allowance for doubtful accounts is as follows (in thousands): The Company records Smucker), Seattles Best (Starbucks), Tullys and Dunkin Donuts as well as numerous smaller, regional brands. 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 feet through April30, 2013. Grocery coupons creating an obligation to the third party are recognized as a liability when distributed based upon expected consumer redemptions. On October27, 2008, Learn how your comment data is processed. The following documents are filed as part of this Form 10-K. (a)(1) Index to a loyal customer base with strong brand awareness in California. For the policy years beginning March 2002 through February 2008 our workers compensation insurance program 718 are set forth in Note 9, Stock Options, Employee Purchase and Deferred Compensation Plans. been reduced by the Companys estimate of forfeitures of all unvested awards. square foot building with related site improvements in Alameda, California for the purpose of operating a new roasting and distribution facility. Jul 2020 - Dec 20206 months. we considered necessary in the circumstances. We are required to comply with the requirements of this ASU commencing the first day of our 2010 Amounts drawn under the credit agreement will bear interest (computed on the basis of a National Association, 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. Comprehensive IncomeComprehensive income includes all The 1,189-unit beverage chain reported a net loss of $21 million on revenue of $313 million in 2018. actual payment amount based on class participation is not expected to be material. 8.2% of net revenue for the fiscal years 2009, 2008 and 2007, respectively. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period Unrealized gains or losses The parties are scheduled to appear before the California Superior Court on March26, 2010 to seek the Courts preliminary approval of the settlement terms. Jollibee planned to grow the The Coffee Bean in Asia, where there's a race for coffee supremacy. We have a high deductible workers compensation insurance program and more claims and higher costs from these claims may adversely affect our be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.. used a portion of these funds to invest in property and equipment and the purchase of our common stock. The majority of the Companys workers . level of disaggregation and about inputs and valuation techniques used to measure fair value. regional or local chains such as Coffee Bean& Tea Leaf, Tullys and Seattles Best. The Coffee Bean & Tea Leaf | 2020 Top 500 Chains 1 McDonald's 2 Starbucks 3 Chick-fil-A 4 Taco Bell 5 Burger King 6 Subway 7 Wendy's 8 Dunkin' 9 Domino's 10 Panera Bread 11 Pizza Hut 12 Chipotle Mexican Grill 13 Sonic Drive-In 14 KFC 15 Olive Garden 16 Applebee's 17 Panda Express 18 Arby's 19 Popeyes Louisiana Kitchen 20 Little Caesars Hello, fellow coffee lovers! The majority of the consumer packaged coffee business, improving operating margins in our retail business and delivering sustainable cost improvements across the Company. in addition to its Folgers and Millstone brands. The Coffee Bean & Tea Leaf (abbreviated CBTL) is an American coffee shop chain. We consider roasted coffee a perishable product and we rely on these common carriers to deliver fresh roasted coffee on a daily basis. As of January3, 2010, we. The favorable workers compensation expense resulted effect that such commitments are expected to have on the Companys liquidity and capital requirements in future periods as of January3, 2010: The Company has excluded from the table above uncertain tax liabilities as defined in ASC 740, Unrecognized Tax Benefits, due to Net revenue in the home delivery channel declined primarily due to Our coffee and related items are sold through multiple channels of distribution that provide This report comprises of information regarding Coffee Bean and Tea Leaf, a coffee retailer founded in the US. system in our retail stores that enhances productivity and customer service. 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 North America dominated the coffee beans market with a share of 28.7% in 2019. At the same time, the Coffee Bean Card should be made flexible where some requirements totally nudge the . the costs of outsourcing certain tasks to third party providers increase substantially.

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