CANADA: Green Mountain Coffee reports Q1 net income up 23.4%
Green Mountain Coffee, has reported quarterly sales and earnings for the Company's fiscal first quarter of 2002, the sixteen-week period ended 19 January 2002. Total coffee pounds shipped for the quarter increased 12.4% to 4,255,000 pounds for the Q1, compared to 3,784,000 pounds in the previous year. Net sales increased 4.7% year-over-year to US$32,357,000 compared to US$30,905,000 for the prior year quarter. The difference between coffee pounds growth and dollar sales growth was due primarily to changes in sales mix, created largely by the successful expansion of the Company's business with Exxon Mobil Corporation convenience stores (ExxonMobil.) A new agreement with ExxonMobil, effective since February 2001, involves lower coffee sales prices and a reduction in their direct purchases of accessories such as cups and lids, offset by lower delivery and ordering costs for Green Mountain Coffee.
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