WATERBURY, VT — Green Mountain Coffee Roasters Inc.’s net sales for the third quarter of fiscal 2008 were up 43.3% to $118.1 million, compared with $82.4 million in the comparable quarter of 2007. Net income was $6.3 million, up 72% from $3.7 million.
During the third quarter, the company shipped approximately 153,000 Keurig brewers, up 61% from 95,000 during the prior-year quarter. It shipped more than 134 million K-Cup portion packs in the third quarter, up 49% over the comparable 2007 quarter.
Year-to-date net sales for the period, ended June 28, were up 47% to $365.4 million versus $248.6 million reported in the comparable year-ago period. Net income for the first three quarters of fiscal 2008 was $15.2 million, up 64% from $9.3 million in the first nine months of 2007.
Net sales for the Green Mountain Coffee segment in the third quarter of fiscal 2008 rose 27% to $76.7 million, compared with $60.3 million reported a year earlier. Officials said sales growth was strongest in the channels that benefit from sales of the Keurig single-cup brewing system, including office coffee service, reseller and consumer direct channels.
Keurig segment net sales were $54.4 million, up 79% from $30.4 million in the third quarter of 2007. The company attributed the increase to higher K-Cup and brewer sales and royalty income from the sale of K-Cups.
Green Mountain officials forecast fourth quarter total consolidated net sales growth of 37% to 41%. For the 2008 fiscal year, the company projects total consolidated net sales growth of 44% to 46% primarily due to anticipated strong sales of Keurig Single-Cup Brewers and K-Cups. Looking ahead to 2009, Green Mountain anticipates net sales growth of 40% to 45%.
Separately, Green Mountain announced that it has chosen Tennessee as the future home of a new manufacturing and distribution facility that will support its brand’s national expansion and continued growth in the single-cup business. The roaster said it has closed on the purchase of a 334,000-sq.ft. building on a 31-acre parcel of land in Knox County for approximately $10.4 million.
The Knox County site is the latest in a series of expansions for Green Mountain Coffee, which maintains its headquarters here. In 2007, new K-Cup production lines were added to its Waterbury plant, and the company opened a second manufacturing site in Essex, VT. The Tennessee facility will focus primarily on the production of K-Cup portion packs for the Keurig single-cup brewing system and will expand to other package formats as needed, officials said.