USA: Krispy Kreme reports sharp rise in Q4 net income
US doughnut maker and retailer Krispy Kreme has reported a 45.3% rise in fourth-quarter net income, boosted by higher revenues.
The company reported net income of US$16.4m, or 26 cents per share, for the fourth quarter to 1 February, compared to $11.3m, or 19 cents per share, in the year-ago period.
Total revenues for the quarter, which includes sales from company stores, franchise operations, Krispy Kreme Manufacturing and Distribution and Montana Mills, increased 35.7% to $185.5m, compared with $136.7m in the year-ago quarter.
On a comparable store basis, company store sales advanced 10.7% and systemwide sales increased 9.1%. Systemwide sales including Krispy Kreme stores and Montana Mills rose 26.6%.
"During the quarter, we continued to execute on our core business model while investing in operating initiatives designed for future growth," said CEO Scott Livengood.
Fiscal 2004 net income climbed 45.0% to $56.8m, or 91 cents per share, compared with $39.1m, or 66 cents per share, in fiscal 2003. Total revenues for fiscal 2004 rose 35.4% to $665.6m.
The company reiterated its fiscal 2005 earnings guidance of $1.16 to $1.18 per share and said it expects systemwide comparable store sales growth in the mid-to-high single digits.
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