Peet’s Coffee & Tea opening 16 stores in Chicago market
Chicago — Peet’s Coffee & Tea is growing its footprint in the greater Chicago area, opening 16 stores in a phased rollout across the market this fall. Chicago is part of Peet’s aggressive U.S. expansion effort that began last year, which will bring its store total to nearly 300 locations nationwide by the end of the year.
Peet’s also has opened a flagship, at 20 N. Michigan Avenue. The store emphasizes the use of natural materials while connecting people to the history and community of Chicago. Key materials such as walnut orchard wood floors and espresso stained casework create an open, inviting space along with a “living wall” of plants that pays homage to the ivy covering Wrigley Field’s outfield wall.
“With today’s opening of our Michigan Avenue flagship, we’re unveiling a new, contemporary store experience that not only highlights the art and passion of our coffee making, but also connects to the history and spirit of Chicago.” said Dave Burwick, president and CEO of Peet’s Coffee & Tea.
Consumer spending down in July, but confidence up in August
Washington, D.C. — Household purchases unexpectedly fell 0.1% in July, after rising 0.4% the prior month, according to figures released by the Commerce Department. It was the first drop in six months. On a more positive note, confidence among households hit a seven-year high in August, according to the Thomson Reuters/University of Michigan’s consumer sentiment index.
The spending decline in July was broad-based, but was weighed down by a decline in automobile purchases and a weather-related drop in demand for utilities, prompted by cooler-than-normal weather in much of the country.
The Thomson Reuters/University of Michigan’s index increased to 82.5 in August from 81.8 in July. It was the highest level since July 2007.
PacSun swings to Q2 profit
Anaheim, Calif. — Pacific Sunwear of California Inc. reported fiscal second-quarter earnings of $7.5 million, in line with Wall Street estimates, compared to net loss of $19.2 million in the year ago period, helped by improved sales in its men’s division. But the teen apparel retailer forecast a wider-than-expected loss for the current quarter.
The company posted revenue of $211.7 million in the period, better than expected, up from million from $210.1 million last year.
“As previously indicated, sales trends improved as the quarter progressed led by continued growth in our Men’s business resulting in non-GAAP EPS at the higher end of our guidance,” said Gary H. Schoenfeld, president and CEO. “For Q3, even in the face of a down-trending denim cycle we are encouraged by the positive response to the balance of our initial fall assortments. We continue to believe that our core strategies are attracting new customers and differentiating PacSun in this very competitive market.”
The company ended the second quarter with 618 stores, down from 637 stores a year ago.