Peet’s Coffee & Tea Introduces New Medium-Roast Specialty Coffee Line
August 02 2011 - 3:00PM
Business Wire
Peet’s Coffee & Tea, Inc. (NASDAQ:PEET) announced today its
entry into the largest product segment of the specialty coffee
category in grocery stores with the debut of two new medium-roast
coffees in ground and whole bean form: Peet’s Café
Solano™ and Peet’s Café Domingo™. Consistent with
consumers’ expectations for a superior medium roast, these coffees
are smooth and balanced, but with more pure coffee flavor.
Peet's unveils new medium-roast specialty
coffees that are smooth and balanced, with an abundance of pure,
sweet coffee taste. (Photo: Business Wire)
Peet’s stated strategy is to have the leading premium-quality,
premium-priced product in every meaningful segment of specialty
coffee. Famous for its signature deep-roast style, the Peet’s brand
is already the quality and price leader in the dark-roast segment.
In 2009, Peet’s entered the flavored-coffee segment with its launch
of Godiva® brand coffees. Now, Peet’s is entering the medium-roast
segment, which accounts for well over a third of specialty coffee
sales in grocery stores nationally and more than 40% of sales in
the eastern U.S.
“We are very excited about the national introduction of our new
medium-roast Peet’s coffee lineup,” said Patrick O’Dea, president
and CEO of Peet’s Coffee & Tea. “Medium roast is the largest
product segment within specialty coffee, and our research clearly
indicates it’s a big opportunity for us with both existing
consumers and in attracting new consumers to the Peet’s brand.
Leveraging the superior selling and merchandising power of our
unique DSD system, we expect this new line to be in the majority of
grocery stores we service by year’s end.”
The new medium-roast blends represent the culmination of
extensive exploration and collaboration among Peet’s coffee buyers,
artisan roasters, and expert tasters. “We brought every bit of our
45 years of coffee craft to the creation of these two blends,” said
Doug Welsh, Peet’s roastmaster and vice president of coffee. “The
style is smooth and balanced, with an abundance of pure, sweet
coffee flavor. In Café Domingo, a select blend of Latin American
coffees, this is expressed in cacao and toffee tones and a clean,
crisp finish. Café Solano bespeaks the wider influence of a world
blend, with lively and aromatic notes contributed by African and
Indo-Pacific coffees.”
Peet’s will be roasting the new medium-roast line in its Gold
LEED®-certified roasting facility in Alameda, Calif.
About Peet’s Coffee & Tea, Inc.
Peet’s Coffee & Tea, Inc. (NASDAQ: PEET) is the premier
specialty coffee and tea company in the United States. The company
was founded in 1966 in Berkeley, Calif. by Alfred Peet. Peet was an
early tea authority who later became widely recognized as the
grandfather of specialty coffee in the U.S. Today, Peet’s Coffee
& Tea offers superior quality coffees and teas in multiple
forms, by sourcing the best quality coffee beans and tea leaves in
the world, adhering to strict, high-quality and taste standards,
and controlling product quality through its unique direct store
delivery selling and merchandising system. Peet’s is committed to
strategically growing its business through many channels while
maintaining the extraordinary quality of its coffees and teas. For
more information about Peet’s Coffee & Tea, Inc., visit
www.peets.com.
This press release contains statements that are not based on
historical fact and are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements relating to the
sales and distribution opportunity of Peet’s new medium-roast
coffees. Forward-looking statements are based on management’s
beliefs, as well as assumptions made by and information currently
available to management, including financial and operational
information, the company’s stock price volatility, and current
competitive conditions. As a result, these statements are
subject to various risks and uncertainties. The company’s
actual results could differ materially from those set forth in
forward-looking statements depending on a variety of factors
including, but not limited to, general economic conditions,
including the recent recession and its ongoing negative impact on
consumer spending; the company’s ability to implement its business
strategy, attract and retain customers, and obtain and expand its
market presence in new geographic regions; the availability and
cost of high-quality Arabica coffee beans; consumers’ tastes and
preferences; complaints or claims by current, former or prospective
employees or government agencies or other litigation; and
competition in its market as well as other risk factors as
described more fully in the company’s filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended January 2, 2011. These factors may not be
exhaustive. The company operates in a continually changing business
environment, and new risks emerge from time to time. Any
forward-looking statements speak only as of the date of this press
release.
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