EMERYVILLE, Calif. (AP) -- Peet's Coffee & Tea Inc. said Tuesday that its sales improved in the fourth-quarter but higher costs for coffee nudged its profit down for the period.
The fourth-quarter results were slightly below Wall Street's forecasts. Peet's also confirmed its guidance for 2012 revenue that was shy of estimates and the midpoint of its forecast range for 2012 earnings per share was below views.
Its shares fell 4 percent in extended trading.
The company earned $5.6 million, or 42 cents per share, for the quarter that ended Jan. 1. That's down 12 percent from $6.4 million, or 48 cents per share, in the same quarter last year.
Revenue increased 11 percent to $101.6 million.
Peet's said that it sold more coffee and pastries at its own stores, which helped deliver a 3 percent revenue increase to $56.5 million for its retail business. Revenue from its specialty segment increased 22 percent to $45.1 million as it sold more coffee to grocery stores, foodservice organizations and offices.
The strong sales gains weren't enough to make up for the higher costs for coffee and milk, which many companies are struggling with.
The quarter fell just shy of analyst expectations of 43 cents per share on revenue of $103 million, according to FactSet.
Peet's also said that it earned $17.8 million, or $1.33 per share, for the full year. That's up from $17.5 million, or $1.28 per share, in the prior year. It earned $1.49 per share for the most recent year, after adjusting for litigation and other special costs. Its annual revenue increased 11 percent to $371.9 million.
The coffee company, based in Emeryville, confirmed its full-year outlook of earning $1.70 to $1.80 per share on 10 percent revenue growth, which calculates to roughly $409.1 million. Analysts had been looking for earnings of $1.79 a share on revenue of $409.9 million.
Shares of the company fell $2.78 to $65.50 in after-hours trading on the news. Its stock closed the day up 58 cents at $68.28.
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