Aug. 03--EMERYVILLE -- Peet's Coffee & Tea suffered a slump in quarterly profits but produced a surge in sale for the three months that ended on July 1, the beverage retailer reported Thursday.
The earnings report was the first since Germany-based equity firm Joh. A. Benckiser disclosed on July 23 that it had struck a deal to buy Peet's for $1 billion in cash in an agreement that will take Peet's private.
Benckiser said it would pay $73.50 to purchase Peet's. The stock closed at $74.74, down 12 cents, or 0.2 percent Thursday. In contrast, the S&P 500 Index fell 0.7 percent.
Emeryville-based Peet's earned $4 million on sales of $95.4 million. Compared to the year-ago second quarter, profits plunged 21.5 percent while sales rose 5.3 percent.
Sales from the company's specialty operations, which include sales at grocery, office and home delivery , rose more quickly than sales from Peet's retail outlets.
Retail revenue totaled $55.4 million and increased 4 percent compared to the year-ago quarter.
Specialty revenue totaled $40 million, up 7 percent from the year before.
(c)2012 the Contra Costa Times (Walnut Creek, Calif.)
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