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    Caribou Coffee's loss slows, but it's still more than a drip

    By Dan Haugen | Published Thu, Feb 26 2009 10:00 am

    Caribou Coffee brewed a smaller pot in 2008, and that appears to have perked up the company's bottom line.

    The Brooklyn Center-based coffee chain, which reported fourth-quarter and year-end results today, shuttered 25 company-owned coffeehouses in 2008, while letting franchisees open another 45 new locations.

    Coffee sales were down, but the company's operating loss was cut in half to about $16 million from $30 million in 2007. And it turned a small profit for the fourth quarter, with net income of about $1.2 million for the three months ending Dec. 28, 2008.

    “We are managing our business during unprecedented economic times. We are executing on our strategy and I am pleased to report that we are making progress in our multi-year turnaround plan," CEO Michael Tattersfield said in the company's statement.

    Tattersfield said Caribou will continue to limit company-owned coffeehouse expansion but looks to add an additional 35 to 40 franchise shops in 2009.

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