Berkeley, California-based Peet's Coffee & Tea has posted an 8.4% increase in net revenue to US$24.5m year on year for its first quarter ended 31 March 2002.

For the same period, specialty sales (consumer direct, office, wholesale and grocery) increased 20.9% to US$5.4m and retail stores increased 5.3% to US$19.1m. Revenue in specialty sales for the Q1 represented 21.9% of total revenue, compared to 19.7% for the same period in fiscal year 2001.

Net income was US$0.5m, compared to a net loss of US$0.3m, for the Q1 2001. EBITDA for the quarter grew 105% to US$1.9m from US$0.9m in the prior period.

Christopher P. Mottern, president and CEO, commented: "Peet's has delivered strong results in the Q1 compared to the prior year. We are pleased with our continued growth in the specialty sales channel."