Peet’s Coffee Parent Reports Profit Thanks To Booming At-Home Sales Offsetting Cafe Closures
From: barrons.com
The world’s second largest coffee roaster, JDE Peet’s, said on Tuesday its sales fell 1.1% to €3.2 billion ($3.8 billion) in the first half of 2020, compared with a year earlier, missing analysts’ expectations of a 0.4% rise.
But the Dutch coffee group, which owns U.S.-based coffee chain Peet’s as well as Kenco and Douwe Egberts, saw record growth of 8.3% in its packaged goods sales, driven by consumers looking for premium coffee at home while coffee shops and cafes were closed.
Its Amsterdam-listed shares (ticker: JDEP.Netherlands) were flat in the afternoon at €38.51.
