About Teavana (adapted from Teavana prospectus):
Teavana is a rapidly growing specialty retailer offering more than 100 varieties of premium loose-leaf teas, authentic artisanal teawares and other tea-related merchandise. Their products are offered via 161 company-owned stores in 35 states and 19 franchised stores primarily in Mexico, as well as through their website, www.teavana.com.
Teavana's mission is to establish Teavana as the most recognized and respected brand in the tea industry by expanding the culture of tea across the world. Key elements of their business strategy are to:
- develop, source and offer customers the world's finest assortment of premium loose-leaf teas and tea-related merchandise
- create a "Heaven of Tea" retail experience in which knowledgeable "teaologists" engage and educate customers about the ritual and enjoyment of tea
- locate stores in high traffic locations within malls, lifestyle centers and other high-sales-volume retail venues.
Teavana was founded in 1997 by Andrew and Nancy Mack, who were inspired by their international travels and passion for tea. In 2004 a partnership was begun with Parallel Investment Partners to obtain equity capital, strategic advice and other resources to support their accelerated growth plans.
Sales for Teavana rose from $33.8 million in fiscal 2006 to $124.7 million in fiscal 2010, representing a 38.6% compound annual growth rate. Over that same period, their store base tripled from 47 stores to 146 stores. In fiscal 2010, sales grew 38.2% over fiscal 2009, while comparable store sales increased 8.7%. Their net income was $12.0 million in fiscal 2010, representing a 126.9% growth rate over fiscal 2009. In fiscal 2010, average store sales per gross square foot is higher than most specialty retail stores in the United States based upon publicly available information.
This description is adapted from Teavana prospectus. This description is not intended to be a recommendation to buy stock from this company. We do not claim that all of the statements above were researched and found to be true. We present them as a general description based on what the company has said about itself at the time that they submitted their prospectus for an IPO offering. To see the company's full description, view their prospectus..