US doughnut maker and retailer Krispy Kreme has reported a 45.3% rise in fourth-quarter net income, boosted by higher revenues.

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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.

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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.