2023-11-09 12:40:09 ET
Shares of Krispy Kreme (NASDAQ: DNUT) , maker of tasty donuts, delivered a less-than-delicious earnings report this morning, sending the stock down 8% in 11:40 a.m. ET trading.
Heading into quarter three, analysts had forecast Krispy Kreme would earn at least a $0.05 per share adjusted profit on sales of $413.5 million. But it seems breakfast shoppers held their appetites in check during the most recent quarter. Krispy Kreme's actual profit was only $0.03 per share, and its sales fell short as well -- $407.4 million.
It gets worse. While Krispy Kreme grew its sales a respectable 8% year over year in Q3, the company says this resulted in an "adjusted" profit. However, when calculated according to generally accepted accounting principles ( GAAP ), Krispy Kreme actually lost money for the quarter.
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Why Krispy Kreme Stock Dropped 8% This Morning