US doughnut retailer Krispy Kreme Doughnuts has posted a 47% rise in quarterly earnings as new stores boosted sales.

Krispy Kreme posted profit of US$13.1m, or 22 cent a share, for the first quarter to 4 May, compared with $8.9m, or 15 cents a share, a year earlier.

Earnings included $500,000 from an overestimation of the cost of an earlier arbitration award against the company.

Based its first-quarter performance, Krispy Kreme now expects to earn 90 cents per share for the fiscal year, 2 cents higher than a previous estimate.

Systemwide sales, including sales of company and franchise stores, rose 24.4% to $227.8m, while systemwide same-store sales were up 11.2%.

Total company revenue, which includes sales from company stores, franchises and Krispy Kreme’s manufacturing and distribution unit, were up 33.9% to $148.7m.