Flash: Peet’s Coffee beats by $0.07, reports revs in-line; lowers FY11 EPS below consensus, reaffirms FY11 revs guidance

Reports Q1 (Mar) earnings of $0.41 per share, $0.07 better than the Thomson Reuters consensus of $0.34; revenues rose 9.0% year/year to $88.5 mln vs the $88.5 mln consensus. Co issues guidance for FY11, lowers EPS to $1.43-1.50 from $1.53-1.60 vs. $1.56 Thomson Reuters consensus; sees FY11 revs of +8-10% YoY to ~$360.5-367.2 mln vs. $365.82 mln Thomson Reuters consensus. driven entirely by the significant rise in coffee costs during the last three months. “Looking forward, we have good momentum and plenty of new growth opportunities. While we expect to offset most of the year-over-year coffee cost increase we’re experiencing, we will continue to act in the long-term best interests of our business and not overreact to the recent run-up in world coffee prices.”