ATLANTA, Ga.
Teavana Holdings reported net sales growth of 35% and opened 54 new stores in the past 12 months.
Net sales topped $168 million and comparable store sales, including e-commerce, increased by 8.6%, according to CEO Andrew Mack.
“We closed fiscal 2011 with another solid quarter reflecting a continuation of the business momentum we had seen throughout the year,” said Mack.
He credited a strong product offering, unique store experience and “strong execution by our very talented team” for growing net income by almost 36% in the fourth quarter, “all while making the necessary organizational investments that strengthen our infrastructure and support our growth.”
“In 2012, our focus will be on continued execution of our U.S. store opening plan, driving comparable store sales, selectively pursuing international expansion and continuing to deliver strong earnings growth,” he said. During a conference call with analysts, Teavana executives predicted the cost of opening 60 stores in 2012, stock compensation expenses and rising raw materials expense will dampen growth somewhat. The company anticipates first-quarter profit of 9 cents to 10 cents a share, below analyst estimates of 12 cents a share, according to Thomson Reuters I/B/E/S, as reported by Reuters.
The company has issued 39.1 million shares.
The company is the first pure-play tea retailer to go public. Shares continue to trade above the $17 IPO hovering around $20 per share.