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News > Companies
Krispy Kreme's sweet 1Q
May 16, 2001: 12:06 p.m. ET

Doughnut retailer beats estimates, raises forecasts, as stock jumps
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NEW YORK (CNNfn) - Krispy Kreme Doughnuts Inc. reported higher-than-expected first-quarter earnings Wednesday, sending the stock higher in morning trading, and the company also raised its profit estimates for fiscal 2002 and 2003.

Krispy Kreme gained $6.09, or 12 percent, to $55.49 on the Nasdaq.

The Winston-Salem, N.C.-based doughnut retailer said earnings for the quarter ended April 29 rose to $5.7 million, or 20 cents a diluted share, from $3 million, or 13 cents a share, a year earlier. The results were 3 cents above the 17-cent analysts' consensus according to earnings tracker First Call.

Krispy Kreme said it now expects to earn 77 cents a share for the year ending Jan. 31, 2002, 8 cents more than the First Call forecast, and $1 a share for the year ending Jan. 31, 2003, 14 cents above the consensus.

graphicCompany revenue rose 24 percent in the first quarter to $87.9 million from $70.9 million in the same period a year earlier.

Systemwide sales -- which includes company and franchised stores -- increased 35.8 percent to $140.4 million.

"It has been another great quarter for Krispy Kreme. Every business segment set new performance records. More importantly, our customers continue to exceed our expectations," said Scott Livengood, the company's chairman and chief executive officer. graphic




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