CHARLOTTE, N.C. - Krispy Kreme Inc. (NASDAQ:DNUT) reported second-quarter results that beat revenue expectations but provided weaker-than-expected full-year guidance, sending shares down 0.33% in premarket trading.
The doughnut chain posted adjusted earnings per share of $0.05, in line with analyst estimates. Revenue grew 7.3% year-over-year to $438.8 million, surpassing the consensus forecast of $435.49 million.
However, Krispy Kreme's full-year outlook fell short of expectations. The company now sees fiscal 2024 revenue of $1.65 billion to $1.685 billion, below the $1.79 billion analysts were projecting. Adjusted EPS guidance of $0.24 to $0.28 also came in below the $0.27 consensus estimate.
CEO Josh Charlesworth said Krispy Kreme had "another strong quarter as our fresh doughnuts are becoming even easier to purchase and more available globally." He noted that innovative specialty doughnut collections drove increased sales through digital channels and the company's Delivered Fresh Daily program.
Global points of access grew 23.2% YoY to 15,853. U.S. organic revenue increased 8.4%, while international organic revenue rose 5%.
The company said its updated 2024 guidance reflects the recent sale of a majority stake in Insomnia Cookies. Krispy Kreme expects to trend towards a net leverage ratio of 3.5x by year-end.
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