Wednesday, May 30, 2012

Teavana (NYSE: TEA) sales miss estimates; shares tumble

Teavana (NYSE: TEA) sales miss estimates; shares tumbleOrlando, FL 5/30/12 (StreetBeat) -- Specialty tea retailer Teavana Holdings Inc (NYSE: TEA) reported lower-than-expected quarterly revenue on tepid sales at its stores open at least a year.

The company's shares plunged 19 percent to their life-low of $13.60 in early trading. The stock was one of the top percentage losers on the New York Stock Exchange.

Net sales rose 27 percent to $44.3 million in the first quarter, but missed estimates of $45.1 million, according to Thomson Reuters I/B/E/S.

Comparable sales increased 1.7 percent.

Net income rose to $3.5 million, or 9 cents a share, from $3.3 million, or 9 cents a share, a year earlier.

Excluding items, it earned 10 cents a share, in line with the average analysts' estimate.

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