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Krispy Kreme Reports Strong Q2 Results, Driven by E-commerce and Global Sales

CHARLOTTE, NC – Krispy Kreme, Inc. experienced significant growth in the second quarter ended July 2, thanks to their aggressive omnichannel strategy and expansion in global markets. The company’s global points of access increased by 12.8% to a total of 12,872, compared to the same period last year. Additionally, international sales per hub rose by 3%.

The United States market saw net revenues increase by 9.3% to $22.8 million, with organic revenue growth reaching 12.7%, primarily driven by e-commerce sales. On an international scale, net revenues grew by 4.8%, which is credited to increased pricing and the opening of 245 new locations, representing a 7% growth. E-commerce sales as a percentage of retail sales increased by 260 basis points.

Krispy Kreme’s executives have reaffirmed their guidance for the full year 2023. They project net revenues between $1.65 billion and $1.68 billion, marking an 8% to 10% increase. Additionally, organic revenue growth is expected to fall within the range of 9% to 11%.

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“I am proud of the results we delivered in the second quarter, which were bolstered by our continued focus on expanding our hub-and-spoke model as we leaned heavily into our omnichannel and DFD (Delivered Fresh Daily) capabilities as well as our international expansion strategy,” said Mike Tatterfield, the CEO of Krispy Kreme. “We executed the strongest and largest National Doughnut Day in our history, which we now celebrate in a dozen countries. We are also pleased with our continued global expansion, as we opened three new markets during the quarter in Chile, Jamaica, and Costa Rica, all exceeding our revenue growth targets.”

Krispy Kreme invested $27.7 million in capital expenditures during the second quarter, equivalent to 6.8% of revenue. This investment supported the growth of hot light theaters, cookie shops, and DFD Doors.

The company achieved a net income of $223,000 in the second quarter, compared to a loss of $3.85 million in the same period last year. Total net revenue increased by 9% to $408.9 million, with product sales totaling $400 million, up from $367 million in the previous year.

“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 omnichannel strategy,” said Mr. Tattersfield. “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. Overall, we remain on our path to grow global points of access and become the most loved sweet treat brand in the world.”

Krispy Kreme’s subsidiary brand, Insomnia Cookies, also experienced growth, with revenues reaching $412,241 compared to last year’s revenue of $404,430. The brand expanded by 23 new stores in the same quarter compared to the previous year.

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