abu_penny
23-05-2002, Thu 3:20 PM
Krispy Kreme Profit, Sales Jump
May 23 6:39am ET
WINSTON-SALEM, N.C. (Reuters) - Doughnut chain operator Krispy Kreme Doughnuts Inc. on Thursday said its first-quarter profit rose more than 50 percent as improved distribution boosted total revenue by 26 percent.
The operator of some 218 doughnut stores in the United States and Canada reported net income of $8.9 million, or 15 cents a diluted share, compared with $5.7 million, or 10 cents a diluted share, in the year-earlier period.
Wall Street analysts surveyed by Thomson First Call had forecast quarterly earnings per share at 14 cents, in line with the company's earnings guidance on March 8.
Systemwide sales, which include sales of both company and franchise stores, rose 30.4 percent to $183.1 million from $140.4 million in the year-earlier period. Total company revenues, comprising sales from company stores, franchise operations and its manufacturing and distribution arm, rose 26.3 percent to $111.1 million from $87.9 million.
Krispy Kreme also said it expects to report earnings of 14 cents per share for the second quarter, 16 cents per share for the third quarter and 18 cents per share for the fourth quarter -- in line with Wall Street estimates. The company plans to open 62 stores in 15 new markets, which is up three stores from prior guidance.
May 23 6:39am ET
WINSTON-SALEM, N.C. (Reuters) - Doughnut chain operator Krispy Kreme Doughnuts Inc. on Thursday said its first-quarter profit rose more than 50 percent as improved distribution boosted total revenue by 26 percent.
The operator of some 218 doughnut stores in the United States and Canada reported net income of $8.9 million, or 15 cents a diluted share, compared with $5.7 million, or 10 cents a diluted share, in the year-earlier period.
Wall Street analysts surveyed by Thomson First Call had forecast quarterly earnings per share at 14 cents, in line with the company's earnings guidance on March 8.
Systemwide sales, which include sales of both company and franchise stores, rose 30.4 percent to $183.1 million from $140.4 million in the year-earlier period. Total company revenues, comprising sales from company stores, franchise operations and its manufacturing and distribution arm, rose 26.3 percent to $111.1 million from $87.9 million.
Krispy Kreme also said it expects to report earnings of 14 cents per share for the second quarter, 16 cents per share for the third quarter and 18 cents per share for the fourth quarter -- in line with Wall Street estimates. The company plans to open 62 stores in 15 new markets, which is up three stores from prior guidance.