(Reuters) - Specialty tea retailer Teavana Holdings Inc TEA.N 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.
Reporting by Mihir Dalal in Bangalore; Editing by Maju Samuel