GMCR First Quarter 2014 Sales Increase 4 Percent

Green Mountain Coffee Roasters, Inc. (GMCR) announced its results for the 13 weeks ended Dec. 28, 2013. The company reported net sales to be $1.4 billion, up 4 percent versus a year ago. The generally accepted accounting principles (GAAP) diluted earnings per share (EPS) was $0.91, up 30 percent from the prior year. Non-GAAP diluted EPS was $0.96 which is an increase of 26 percent.

"We delivered 4 percent sales growth and experienced our best holiday season ever," said Brian P. Kelley, GMCR's president and CEO, in a prepared statement. "We achieved record brewer volume, revenue and retail sell-through despite a challenging holiday season for many retailers, demonstrating the growing popularity of our Keurig brewing system among North American consumers. We believe these results will drive continued strong Keurig brewer installed base growth and future portion pack consumption. We're very pleased with our solid gross margin progress, our 26 percent non-GAAP earnings growth and our $212 million in free cash flow in the quarter."

The company's 4 percent sales growth in the first quarter of fiscal year 2014 compared to the prior year period includes the unfavorable impact of foreign currency exchange rates which reduced net sales by approximately 0.8 percent. Full report.

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