Press release
Krispy Kreme Reports Second Quarter 2024 Financial Results
Second quarter Net Revenue grows 7.3%, Organic Revenue increases 7.8% Updated 2024 guidance reflects sale of majority stake in Insomnia Cookies CHARLOTTE,
About this update from Krispy Kreme, Inc.
[{"type":"text","content":"\nSecond quarter Net Revenue grows 7.3%, Organic Revenue increases 7.8%\n\n\nUpdated 2024 guidance reflects sale of majority stake in Insomnia Cookies\n\n\n CHARLOTTE, N.C.--(BUSINESS WIRE)--\nKrispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme”, “KKI”, or the “Company”) today reported financial results for the quarter ended June 30, 2024.\n\n\nSecond Quarter Highlights (vs Q2 2023)\n\n\n\nNet revenue grew 7.3% to $438.8 million\n\n\n\nOrganic revenue grew 7.8% to $440.2 million\n\n\n\nGAAP net loss of $4.9 million ($5.5 million net loss attributable to KKI)\n\n\n\nAdjusted EBITDA grew 12.1% to $54.7 million, Adjusted EBITDA margin up 60 basis points year-over-year\n\n\n\nGAAP operating cash flow of $33.2 million\n\n\n\nGlobal Points of Access (“POA”) increased 2,981, or 23.2%, to 15,853\n\n\n\n“Krispy Kreme had another strong quarter as our fresh doughnuts are becoming even easier to purchase and more available globally,” said Josh Charlesworth, CEO. “Our innovative specialty doughnut collections continue to resonate with consumers and drove increased Delivered Fresh Daily (“DFD”) and digital sales in the quarter.”\n\n\n“Our points of access also grew, and we’re excited about upcoming launches in Germany, Brazil, and our recent announcements of entries into Spain and Morocco,” continued Charlesworth. “In the U.S., our profitable nationwide expansion is accelerating as we grow with existing customers and add new national partners. This includes the nationwide rollout to McDonald’s, starting this fall in the Midwest with Chicago.”\n\n\n“The recent sale of a majority stake in Insomnia Cookies allows us to focus on our core strategy of producing, selling, and distributing fresh doughnuts daily whilst also further improving our financial profile,” he said.\n\n\n\n\nFinancial Highlights\n\n\n\n\n\n\n \n\n\n\n\n\n\nQuarter Ended\n\n\n\n\n\n\n\n\n$ in millions, except per share data\n\n\n\n\n\n\n \n\n\n\n\n\n\nJune 30, 2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nJuly 2, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n\n\n\nGAAP:\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nNet revenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n438.8\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n408.9\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n7.3\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\...