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Krispy Kreme Posts $24.4 Million Loss

May 25, 2004 | AP Krispy Kreme Doughnuts Inc. reported first-quarter losses of $24.4 million, or 38 cents per share, compared with earnings of $13.1 million, or 22 cents per share, a year ago.

Excluding an asset impairment charge and discontinued operations, the specialty doughnut retailer said profits rose to $14.3 million, or 23 cents per share, from pro forma earnings of $12.8 million, or 21 cents per share in 2003.

Analysts surveyed by Thomson First Call put latest-quarter earnings at 24 cents per share. On May 7, the specialty doughnut retailer revised quarterly guidance to 23 cents a share, excluding items, citing declining sales.

The company's first-quarter revenues rose 24 percent to $184.4 from $148.7 in the year-ago period. Total same-store sales rose four percent and company store sales climbed 5.2 percent for the quarter ended May 2.

Krispy Kreme estimates fiscal 2005 earnings from continuing operations to range between $1.04 and $1.06 per share. The company now expects 2005 systemwide sales to rise about 20 percent to 25 percent with low- to mid-single-digit same-store sales growth.

Revising the company's 2005 development plans, Krispy Kreme now expects to open about 100 new stores systemwide, including 80 factory and 20 satellite stores.

Shares of Krispy Kreme closed Monday at $19.85, up 22 cents on average volume of 1.5 million, on the New York Stock Exchange.

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