Business
Krispy Kreme Reports First Quarter Results Showcasing a Robust Start to 2022
First quarter net revenue grew 15.8% with organic revenue growth of 15.0% compared to Q1 2021 GAAP net income of $6.5 million and Adjusted EBITDA of $48.9
About this update from Krispy Kreme, Inc.
[{"type":"text","content":"\nFirst quarter net revenue grew 15.8% with organic revenue growth of 15.0% compared to Q1 2021\n\nGAAP net income of $6.5 million and Adjusted EBITDA of $48.9 million\n\nCompany re-affirms 2022 guidance\n\n CHARLOTTE, N.C.--(BUSINESS WIRE)--\nKrispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme” or the “Company”) today reported strong financial results for the first quarter ended April 3, 2022 with net revenue growing 15.8% year-over-year to $372.5 million while organic revenue grew 15.0% to $370.1 million with high growth across all three segments. Sales per Hub in the U.S. and Canada increased by 19.4% year over year to $4.3 million while International Sales per Hub leapt 49.2% to $9.7 million, driven by a 21% increase in global points of access and a significant increase in U.S. and Canada weekly sales per Delivered Fresh Daily (“DFD”) door.\n\nGAAP Net Income for the quarter was $6.5 million compared to a loss of $0.4 million a year ago while GAAP diluted Earnings Per Share for the quarter was $0.02 compared to a loss of $0.03 last year. Adjusted diluted Earnings Per Share was $0.08 for the quarter, compared to $0.11 last year primarily due to share dilution from an increased share count following the IPO. Adjusted EBITDA grew 5.4% in the quarter to $48.9 million led by a 90 basis point improvement in U.S. and Canada margins.\n\nGrowth was driven by the performance and expansion of Krispy Kreme’s Omni-channel model, and strong performances across all three business segments. Global Points of Access, which reflect all locations where fresh doughnuts and cookies can be purchased, increased by 600 during the quarter, providing customers access to Krispy Kreme in more than 11,000 locations around the world.\n\nCommenting on the Company’s performance, President and CEO Mike Tattersfield stated, “Our results in the first quarter continue to demonstrate the benefits of our omni-channel model and global expansion strategy, which allow us to meet consumer demand with premium, fresh doughnuts in a capital efficient manner. Our global Valentine’s Day and St Patrick’s Day campaigns and limited time offerings such as our Twix and Rolo Doughnuts resonated strongly with consumers, highlighting the opportunities for premiumization and the gifting and sharing power of the brand.”\n\nMike continued, “We continue to be well-positioned to deliver ...