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Krispy Kreme reports earnings beat, stock up

Krispy Kreme reports earnings beat, stock up

Krispy Kreme reported an earnings beat on Wednesday but missed on revenue. The company reported first-quarter earnings of 24 cents and revenue of $132 million. Wall Street expected the company to deliver quarterly earnings per share of 22 cents on $136 million revenue, according to consensus estimates from Thomson Reuters.

Krispy Kreme’s stock price was up more than 5 percent in extended trading hours. The company changed its earnings guidance for 2016 to 80 cents to 85 cents. Net income for the fiscal year 2016 is expected to fall between $55 million and $59 million.

In the U.S., same-store sales increased by 2.3 percent while international franchise same-store sales fell 2.2 percent. The company’s store count also increased by 3.3 percent since year end to 855 stores, including franchises. In the earnings release, the company’s chairman, James H. Morgan, said that sales were affected by a harsh winter.  The company’s stock price has fallen 11 percent year-to-date while the stock price of Dunkin’ Donuts has been up about 24 percent.

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