Teavana's quarterly profits and revenue forecast top estimates
Specialty tea retailer Teavana has reported better-than-expected adjusted quarterly profit and has forecast higher full-year revenue. Excluding expenses related to mid-quarter acquisition of Teaopia, a chain of 46 specialty tea stores in Canada, the Atlanta, Georgia-based company earned 3 cents per share, above analysts' estimate of 2 cents per share. Quarterly net sales also rose by 38% to $43 million. Teavana anticipates full-year revenue to be in the range of $222-$231 million, well above average Wall Street expectations of $167 million. Despite these encouraging numbers, the company's stock has lost approximately half of its value since last year's IPO.