Caribou Coffee reports increased profits in Fourth Quarter

by Sarah Nienaber

Apparently everyone enjoys a hot cup of joe.

Profitability for Caribou Coffee nearly doubled from 2009 to 2010.

The Brooklyn Center based company reported a profit of 4.33 million for the fourth quarter after markets closed Tuesday. This number is up from 2.67 million in the previous quarter.

The company reported 9.4 million in profit for 2010, nearly doubling 5.14 million earned in 2009.

According to a report by the Minneapolis/St. Paul Business Journal, there was significant growth in sales of the company’s packaged goods and at its franchised locations.

Caribou President and CEO, Micheal Tattersfield said the company is “poised to grow” in the Business Journal report.