Seattle, WA (PRWEB) February 18, 2012
TC Global, Inc., dba Tully’s Coffee (Tully’s), a leading specialty coffee retailer, today announced its financial results for the 13- and 39-week periods ending January 1, 2012 (“Third Quarter Fiscal 2012” and “Nine Months Fiscal 2012,” respectively).
Tully’s continues to focus on operating improvements and expense management, driving incremental growth over the prior year comparable periods during Third Quarter Fiscal 2012. The Company has reduced its third quarter net loss by $427,000, or 43%, to $573,000 in Third Quarter Fiscal 2012, compared to a net loss of nearly $1.0 million in the 13-week period ending December 26, 2010 (“Third Quarter Fiscal 2011”). On a year-to-date basis, the Company has reduced its net loss by $2.6 million, or 62%, to $1.6 million.
“Our focus continues on sales growth, expense management, EBITDA growth and operational effectiveness,” stated Scott Pearson, President and CEO of TC Global, Inc. “Our same store sales show improvement at a 4.1% increase over the same year-to-date period of the prior year.”
The Company reports an increase in its cost of goods sold and related occupancy costs of $293,000, or 7%, to $4.7 million for the Third Quarter of Fiscal 2012, which constitutes a rate of 48.6% of net sales, compared to 45.9% in the prior year quarterly period. This increase represents a general rise in the price of coffee beans, dairy, and other commodities that go into the products offered for sale.
“We will continue to focus on new product introductions and innovative ways to entice both new and loyal customers into our stores,” comments Pearson. “Combined with our continued commitment to operational improvements and management of operating expenses, we expect to drive sales growth and to further improve EBITDA next fiscal year.”
On December 15, 2011, the Company reconvened its annual meeting of shareholders at the Company’s corporate headquarters in Seattle, WA, and the Board of Directors was duly elected via a majority quorum.
Additional information about Third Quarter Fiscal 2012 results is contained in TC Global, Inc.’s Quarterly Report on Form 10-Q that was filed with the U.S. Securities and Exchange Commission on February 15, 2012.
ABOUT TC GLOBAL, INC.:
TC Global, Inc., dba Tully’s Coffee, is a leading specialty coffee retailer and wholesaler. Through company owned, licensed and franchised specialty retail stores in Washington, Oregon, California, Arizona, Idaho, Montana, Colorado, Wyoming and Utah, throughout Asia with Tully’s Coffee International, and with its global alliance partner Tully’s Coffee Japan, Tully’s premium coffees are available at more than 550 branded retail locations globally, including 186 locations in the United States. TC Global also has the rights to distribute Tully’s coffee through all wholesale channels internationally, outside of North America, the Caribbean and Japan. TC Global’s corporate headquarters is located at 3100 Airport Way S, in Seattle, WA. For more information: (800) MY-TULLY or TullysCoffeeShops.com.