This reflects, among other things, an increase in estimated costs related to implementation of new technology systems, higher compensation costs related to management succession, an unfavorable variance to expected results in the first quarter, partially offset by lower forecasted current income tax expense.
Achievement of the revised forecast would represent a year-over-year increase in adjusted earnings per share of between 13% and 21% from the $0.61 per share reported for fiscal 2014 which, was, in turn, up 30% from fiscal 2013.
Adjusted net income, adjusted income tax expense and adjusted EPS are non-GAAP measures (see the reconciliation of GAAP to adjusted earnings in the table accompanying this release).
Conference Call
The Company will host a conference call to review financial results for the first quarter of fiscal 2015 as well as its outlook for the balance of the year this afternoon at 4:30 p.m. (ET).
A webcast of the conference call will be available at www.krispykreme.com. The conference call also can be accessed over the phone by dialing (877) 312-5514 or, for international callers, by dialing (970) 315-0452.
An archived replay of the call will be available shortly after its conclusion by dialing (855) 859-2056, or (404) 537-3406 for international callers; the passcode is 43498784.
The audio replay will be available through June 9, 2014. A transcript of the conference call also will be available on the Company’s website
