2023-08-10 10:36:34 ET
Krispy Kreme ( NASDAQ: DNUT ) tanked 9% on Thursday morning after an earnings miss.
For the second quarter, net revenue grew 9% to $408.9M and missed the average analyst estimate by $1.61M. Non-GAAP EPS of $0.07 was in line with expectations.
Global Points of Access, which reflect locations where fresh doughnuts and cookies can be purchased, increased by 462 during the quarter and 1,035 year-to-date, providing consumers with access to Krispy Kreme and Insomnia Cookies through 12,872 locations around the world.
“We look forward to capitalizing on a strong start to the year in the back half of 2023 and delivering profitable growth as we focus on our capital efficient hub and spoke model and omni-channel strategy,” Chief Executive Officer Mike Tattersfield said in a statement.
“We continue to expect to open in three to five additional markets in 2023, and recently opened in Switzerland which marked our first opening in Continental Europe to be followed by France before year-end.”
During the quarter, DNUT “executed the strongest and largest National Doughnut Day in our history, which we now celebrate in a dozen countries.”
The doughnut maker has had a volatile 12 months, with shares tanking in August 2022 and again in December after reporting earnings.
DNUT is down 10% in the past 12 months and up 25% year-to-date.
More on food stocks:
- Krispy Kreme Non-GAAP EPS of $0.07 in-line, revenue of $408.88M misses by $1.61M
- Krispy Kreme partners with M&M'S for first time
- Krispy Kreme gains as billionaire investor Ron Baron pitches
For further details see:
Krispy Kreme falls as sales fall short; New country openings on track