USA: Krispy Kreme to Announce Strong Sales Growth at Company's Annual Meeting Tomorrow
Chairman, President and CEO, Scott Livengood, said: "We are pleased to confirm that the strong sales growth we experienced in the first quarter of the year has continued through May and June. As a result, we anticipate that the sales increase on a comparable store basis for the quarter ending July 30 will be higher than the analysts' existing expectations of high single digits and will be in the mid-teens range.
"We believe that the significant publicity surrounding our Initial Public Offering in April carried over into the succeeding months and contributed to this higher than expected growth."
"In addition, a number of company owned stores that were budgeted to close temporarily for remodeling early in the quarter, have remained open for a longer period and have therefore continued to contribute to our same store sales. These stores will begin the remodeling process in the next few weeks and will reopen for business in the fourth quarter."
Mr. Livengood said as a result of these one time events, the level of sales growth experienced in the early part of the year is not expected to continue beyond the second quarter and will be in line with long term expectations of mid single digits.
"The unusually high comp store sales increases in the third and fourth quarters of fiscal 2000 have also created a much higher comp store sales base which we will be comparing against in the third and fourth quarters of this fiscal year," added Livengood.
Since April 30, Krispy Kreme has opened four new stores including a store in Las Vegas, NV, a commissary in Nashville, TN, a store in Owings Mills, MD, and most recently a store in Gardena, CA.
The 63-year-old North Carolina-based company is a leading branded specialty retailer of premium quality doughnuts, including the company's signature Hot Original Glazed. Krispy Kreme currently operates 153 stores in 27 states.
Krispy Kreme can be found on the World Wide Web at www.krispykreme.com.
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Krispy Kreme's operating results, performance or financial condition are its dependence on franchisees to execute its store expansion strategy, supply issues, competition and numerous other factors discussed in Krispy Kreme's S-1 Registration Statement, declared effective on April 4, 2000, that is on file with the Securities and Exchange Commission.
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