CHARLOTTE, N.C., USA – Krispy Kreme, Inc. reported financial results for the quarter ended June 30, 2024. “Krispy Kreme had another strong quarter as our fresh doughnuts are becoming even easier to purchase and more available globally,” said Josh Charlesworth, CEO.
“Our innovative specialty doughnut collections continue to resonate with consumers and drove increased Delivered Fresh Daily (“DFD”) and digital sales in the quarter.”
“Our points of access also grew, and we’re excited about upcoming launches in Germany, Brazil, and our recent announcements of entries into Spain and Morocco,” continued Charlesworth.
“In the U.S., our profitable nationwide expansion is accelerating as we grow with existing customers and add new national partners. This includes the nationwide rollout to McDonald’s, starting this fall in the Midwest with Chicago.”
“The recent sale of a majority stake in Insomnia Cookies allows us to focus on our core strategy of producing, selling, and distributing fresh doughnuts daily whilst also further improving our financial profile,” he said.
Krispy Kreme: Second Quarter Highlights (vs Q2 2023)
- Net revenue grew 7.3% to $438.8 million
- Organic revenue grew 7.8% to $440.2 million
- GAAP net loss of $4.9 million ($5.5 million net loss attributable to KKI)
- Adjusted EBITDA grew 12.1% to $54.7 million, Adjusted EBITDA margin up 60 basis points year-over-year
- GAAP operating cash flow of $33.2 million
- Global Points of Access (“POA”) increased 2,981, or 23.2%, to 15,853
2024 Financial Guidance
Krispy Kreme provides the following guidance update for the full year 2024 (vs FY2023) solely to reflect the recent sale of a majority ownership stake in Insomnia Cookies, which closed on July 17, 2024.
- Net Revenue of $1,650 to $1,685 million
- Organic Revenue growth of +5% to +7%
- Adjusted EBITDA of $215 to $220 million
- Adjusted Diluted EPS of $0.24 to $0.28
- Income Tax rate between 28% and 30%
- Capital Expenditures of 7% to 8% of net revenue
- Interest Expense, net of $55 million to $60 million
The Company expects net leverage to trend towards 3.5x by year end, as we make progress towards our 2026 goal of approximately 2.0x to 2.5x net leverage.
