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Krispy Kreme profit up
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August 23, 2001: 6:50 a.m. ET
Doughnut maker beats 2Q estimates by a penny, raises full-year guidance
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NEW YORK (CNNfn) - Krispy Kreme Doughnuts Inc. reported higher fiscal second-quarter earnings Thursday that were a penny a share ahead of Wall Street expectations, and raised its guidance on fiscal 2002 results.
For quarter ended July 29, Winston-Salem, N.C.-based Krispy Kreme (KKD: Research, Estimates) posted net income of $5.9 million, or 10 cents a share, up from $3.6 million, or 6 cents a share, a year earlier. Analysts on average forecast a profit of 9 cents a share, according to earnings tracker First Call.
The company also raised its guidance for fiscal 2002 to 42 cents a share from Wall Street's forecast of 40 cents a share and fiscal 2003 guidance to 59 cents a share from forecasts of 51 cents a share.
Krispy Kreme also said it anticipates earnings per share to grow 30-35 percent a year for the next three years, higher than its previous guidance for 25 percent growth.
Revenue increased to $90 million from $70 million.
"I believe the strength of our brand, unique business model and a proven strategy positions us to achieve continued strong results over the long term," CEO Scott Livengood said.
The company said it plans to open 40 new stores in fiscal 2002, two more than it previously announced.
Krispy Kreme shares finished 17 cents lower at $34.98 Wednesday. 
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Krispy Kreme
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