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EMERYVILLE, Calif. - March 11, 2003 - Peet's Coffee & Tea, Inc. (NASDAQ: PEET), a specialty coffee roaster and marketer, today announced that it has opened three new Bay Area retail stores during the week of March 3, 2003. Located in Santana Row in San Jose, Bay Meadows in San Mateo and Santa Clara, these stores mark the first three stores to open in 2003. Peet's is committed to opening eight new stores in 2003 and has announced six of these locations to date.
To celebrate, the company will be holding grand opening events at each store location. The Santa Clara and Bay Meadows stores will be conducting their grand opening festivities between March 22-23, 2003. Santana Row will hold its grand opening on March 29-30, 2003.
"With such a strong and loyal customer following in the Bay Area, we are very pleased to open these new store locations to provide greater convenience and access to Peet's," said Patrick O'Dea, president and chief executive officer, Peet's Coffee & Tea, Inc. "We're off to a strong start, with these three new stores opening in the same week, and are well on our way to opening the remaining locations for 2003."
About Peet's Coffee & Tea, Inc.
Founded in Berkeley, Calif. in 1966, Peet's Coffee & Tea, Inc. is a specialty coffee roaster and marketer of fresh, deep-roasted whole bean coffee for home and office enjoyment. Peet's fresh-roasted coffee, hand-selected tea and related items are sold in several distribution channels including specialty grocery and gourmet food stores, online and mail order, office and restaurant accounts and 68 company-owned stores in four states. For information about Peet's Coffee & Tea, Inc. visit www.peets.com or call 1-800-999-2132.
This press release contains statements that are not based on historical fact and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the Company's expectations regarding store openings and availability of locations for sites in 2002 are "forward-looking statements." Because of the uncertainties inherent in these forward-looking statements, the Company's actual results could differ materially from those set forth in forward-looking statements. Actual future store openings depend on a variety of factors including but not limited to the completion of the development projects where the planned stores are to be located, the availability of high quality retail inventory for additional store locations, the Company's ability to identify appropriate locations for future stores and to obtain leases for such stores on satisfactory terms, and the Company's operations and financial results in general. Actual results and trends may differ materially depending on a variety of factors including but not limited to, its ability to implement its business strategy, attract and retain customers, and obtain and expand its market presence in new geographic regions, the availability and cost of high quality Arabica coffee beans, consumers tastes and preferences, and competition in our market as well as other risk factors as described more fully in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 30, 2001.