Teavana plans Canada expansion

Specialty tea retailer Teavana is expanding faster than anticipated, and plans to open its first Canadian store in the fourth quarter.

The Atlanta-based company, which went public earlier this year, said Friday it added 50 locations in the first nine months of its fiscal year, reaching the goal three months ahead of schedule. The company said it will add four more stores in the fourth quarter, and plans to add 60 in 2012.

It now has 196 company-owned stores.

Teavana's sales increased by 35 percent in the third quarter, and same-store sales increased 8.5 percent, including the company's e-commerce site.

Teavana made $936,000 in the quarter, a 175 percent increase over the $340,000 it made in the third quarter of 2010.

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