long fried DOH!? Krispy Kreme Profit Rises 55 Percent
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WINSTON-SALEM, N.C. (Reuters) - Krispy Kreme Doughnuts Inc. (NYSE:KKD - news) said on Friday third-quarter earnings rose 55 percent as robust doughnut sales were complemented by a new coffee-selling initiative.
The company, known for its "hot original glazed" and other premium doughnuts, reported net income for the quarter ended Nov. 3 totaled $10.1 million, or 17 cents a diluted share, up from $6.5 million, or 11 cents a diluted share, a year-earlier.
Wall Street analysts, on average, had been expecting the company to earn 16 cents per share, according to research firm Thomson First Call.
Systemwide sales, including sales from company-owned and franchise locations, rose 26.5 percent to $195.3 million. Sales in stores open for at least one year -- a key measure known as comparable store sales -- rose percent, and increased 10.1 percent systemwide.
Looking ahead, the company said it expects fourth-quarter earnings per share to rise nearly 30 percent to 18 cents per share from the 14 cents per share earned a year earlier. That is in line with current Wall Street expectations.
Krispy Kreme shares, which are down about 16 percent so far this year, ended Thursday up 5 cents at $36.95 in Nasdaq composite trade on the New York Stock Exchange (news - web sites). |
