Reuters: Global Markets: Teavana sales miss estimates; shares tumble

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Teavana sales miss estimates; shares tumble May 30th 2012, 14:33 Wed May 30, 2012 10:33am EDT (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.

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