Krispy Kreme (KKD) Glazes Its Way to Strong Q1 Results, Shares Surge
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Price: $12.80 -1.77%
Revenue Growth %: +6.9%
Financial Fact:
Revenues: 118.15M
Today's EPS Names:
NED, OESX, WSTL, More
Revenue Growth %: +6.9%
Financial Fact:
Revenues: 118.15M
Today's EPS Names:
NED, OESX, WSTL, More
Trade KKD Now!
Shares of Krispy Kreme Doughnuts, Inc. (NYSE: KKD) are surging 17 percent Monday following the release of its first quarter 2012 earnings that easily beat the Street.
The company posted its Q1 results well ahead of expectations with revenue coming in at $104.6 million, up 13.6% Y/Y and beat the Streets forecast of $96.55 million. Same store sales during the quarter rose 5.8% which makes it the tenth consecutive rising quarter.
Total KKD Supply Chain revenues increased 17.4% to $53.9 million from $45.9 million in the first quarter last year, largely driven by selling price increases in major product categories
Operating income increased 61.7% to $9.8 million from $6.1 million in Q1:11.
Net income of $9.2 million or EPS of $0.13 over doubled Y/Y from $4.5 million or EPS of $0.06 in Q1:11. Wall Street was looking for EPS of $0.09.
KKD opened six new stores during the quarter.
Domestic Franchise revenues increased 7.7% to $2.4 million from $2.2 million, while international Franchise revenues increased 18.4% to $5.6 million from $4.8 million.
James H. Morgan, President and Chief Executive Officer, commented: "We delivered a strong performance in the first quarter, characterized by double-digit revenue growth, a significant increase in consolidated operating income, and our best quarterly net profit since the fourth quarter of fiscal 2004. Substantially improved results in the Company Stores segment were a major driver of our improved results. We also benefited from lower impairment charges and lease termination costs and a significant reduction in interest expense resulting from the January 2011 refinancing of our credit facilities. While commodity costs created some headwinds, and will continue to do so for the remainder of the year, we believe we are off to a good start in fiscal 2012. We are pleased to reaffirm our outlook for consolidated operating income, exclusive of impairment charges and lease termination costs, of between $22 million and $24 million for the year, although we believe first quarter results make the high end of that range appear increasingly achievable."
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The company posted its Q1 results well ahead of expectations with revenue coming in at $104.6 million, up 13.6% Y/Y and beat the Streets forecast of $96.55 million. Same store sales during the quarter rose 5.8% which makes it the tenth consecutive rising quarter.
Total KKD Supply Chain revenues increased 17.4% to $53.9 million from $45.9 million in the first quarter last year, largely driven by selling price increases in major product categories
Operating income increased 61.7% to $9.8 million from $6.1 million in Q1:11.
Net income of $9.2 million or EPS of $0.13 over doubled Y/Y from $4.5 million or EPS of $0.06 in Q1:11. Wall Street was looking for EPS of $0.09.
KKD opened six new stores during the quarter.
Domestic Franchise revenues increased 7.7% to $2.4 million from $2.2 million, while international Franchise revenues increased 18.4% to $5.6 million from $4.8 million.
James H. Morgan, President and Chief Executive Officer, commented: "We delivered a strong performance in the first quarter, characterized by double-digit revenue growth, a significant increase in consolidated operating income, and our best quarterly net profit since the fourth quarter of fiscal 2004. Substantially improved results in the Company Stores segment were a major driver of our improved results. We also benefited from lower impairment charges and lease termination costs and a significant reduction in interest expense resulting from the January 2011 refinancing of our credit facilities. While commodity costs created some headwinds, and will continue to do so for the remainder of the year, we believe we are off to a good start in fiscal 2012. We are pleased to reaffirm our outlook for consolidated operating income, exclusive of impairment charges and lease termination costs, of between $22 million and $24 million for the year, although we believe first quarter results make the high end of that range appear increasingly achievable."
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