Teavana announces strong Q2 numbers and international ambitions
Teavana Holdings, the largest chain of specialty tea stores in the US, has reported second quarter sales of $31.3 million, up 36%. Net profit rose 72% to $1 million during the same period. Teavana reiterated strong growth expectations and anticipates full year sales to amount to approximately $160 million versus $90 million last year. Annual profits are expected to hit $16 million. The company has been opening new stores and growing its e-commerce business, as well as looking to expand into new markets. Teavana recently signed a 10 year franchise deal to develop stores in the Middle East, in Bahrain, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Egypt, Lebanon and Jordan. The Atlanta, Georgia-based retailer also aims to enter the Canadian market in the near future.