Teavana prepares to go public
Teavana Holdings, Inc., a specialty tea retailer, has filled an initial public offering for up to $100 million last week with the Securities and Exchange Commission. Founded in 1997, the company now owns 146 stores in 34 states and 15 franchise stores, primarily in Mexico. Its net sales grew 38% in 2010, while comparable-store sales increased 8.7% compared to the same period in 2009. Net income was $12 million in fiscal 2010, up 126% from 2009. According to Teavana, its average transaction size is $35 and operating margins stand at 19%. The company plans to have 500 stores in the US by 2015 and expects to open 50 outlets in 2011. The share size and price, as well as the IPO date are yet to be announced.