Caribou Coffee 3Q net income more than doubles

Caribou Coffee Co. said Friday its third-quarter profit more than doubled as a key revenue metric improved.

Its stock slid 43 cents, or 3.7 percent, to $11.06 in midday trading. The shares reached a new 52-week high of $11.84 earlier in the session.

The gourmet coffeehouse operator based in Minneapolis reported late Thursday that its net income surged to $1.6 million, or 8 cents per share, compared with $654,000, or 3 cents per share, in the prior-year period.

This beat the 7 cents per share that analysts forecast. The estimates of analysts polled by Thomson Reuters usually remove one-time items.

Revenue for the period ended Oct. 3 rose 12 percent to $70.2 million from $62.7 million as coffeehouse, commercial and franchise sales increased. Wall Street predicted $66.8 million in revenue.

Sales from coffeehouses open at least a year climbed 4.4 percent.