Krispy Kreme scores first yearly profit since '04
April 1, 2011
by Eric Schroeder
WINSTON-SALEM, N.C. — Krispy Kreme Doughnuts, Inc. posted net income of $7,599,000, equal to 11c per share on the common stock, in the year ended Jan. 30, marking the company’s first profitable year since fiscal 2004. By comparison, the company sustained a loss of $157,000 in fiscal 2010. Revenues during fiscal 2011 totaled $361,955,000, up 4% from fiscal 2010. Looking ahead to fiscal 2012, James H. Morgan, president and chief executive officer, said he remains optimistic that the turnaround will continue. “Assuming we can mostly offset higher overall costs through pricing and other measures, we estimate fiscal 2012 operating income, exclusive of impairment and lease termination costs, will be in the range of $22 million to $24 million, which would represent an increase of 15% to 25% from our fiscal 2011 results,” he said.