Krispy Kreme Inc.’s DNUT stock rose 2.8% in premarket trades after the doughnut maker beat analysts’ top line and bottom line estimates in its first-quarter results, released before market open. The company reported net income of $1.6 million, or breakeven earnings, compared with net income of $6.5 million and earnings of 2 cents a share in the same period last year. Adjusted EPS came to 9 cents a share, above the FactSet consensus of 7 cents a share. Krispy Kreme’s first-quarter revenue was $419 million, a 12.5% increase on the same period last year. Analysts surveyed by FactSet were looking for revenue of $402 million. U.S. revenue grew 13.5% year-over-year to $281.3 million, boosted by growth of the company’s omni-channel strategy and Insomnia Cookies. During the quarter, Krispy Kreme’s global Valentine’s Day and St. Patrick’s Day campaigns and specialty offerings such as Biscoff doughnuts resonated with consumers, according to CEO Mike Tattersfield, in a statement. “We also achieved our best ever quarter of Ecommerce revenue, representing a higher mix of revenue than during the pandemic and we see a long runway for further growth in this channel,” Tattersfield added. E-commerce revenue grew 23% year-over-year. Krispy Kreme also reiterated its full-year guidance of $1.65 billion to $1.68 billion, and adjusted EPS of 31 cents to 34 cents.
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