Krispy Kreme Jumps From Lows After Earnings, Revenue Beat
2022.05.11 20:21
By Sam Boughedda
Investing.com — Krispy Kreme Inc (NASDAQ:DNUT) reported better-than-expected first-quarter results on Wednesday, with “Sales per Hub” jumping both internationally and domestically.
The donut chain reported revenue of $372.5 million, beating the $368.81 million predicted by analysts. Furthermore, revenue saw a 15.8% increase compared to Q1 2021.
Earnings per share came in at $0.08, 1 cent above estimates.
The company’s sales per hub metric showed the international market jumped 49.2% to $9.7 million, with sales per hub in the US and Canada increasing 19.4% year-over-year to $4.3 million.
“Our results in the first quarter continue to demonstrate the benefits of our omni-channel model and global expansion strategy, which allow us to meet consumer demand with premium, fresh doughnuts in a capital efficient manner,” said Mike Tattersfield, company President and CEO.
The company’s growth was driven by a 21% increase in global points of access, which increased by 600 during the quarter. Krispy Kreme now has more than 11,000 locations.
The company reaffirmed its financial outlook for 2022, with net revenue of $1.53 billion to $1.56 billion expected.
Krispy Kreme stock is up 5.8% at the time of writing.
