Krispy Kreme reports sweet bounceback in sales before planned IPO
Krispy Kreme is reporting a resurgence in sales as the coffee-and-doughnut chain readies for a comeback to the public stock markets.
The renewed demand for caffeine and glazed surgary treats comes as the economy reopens and Americans start venturing outside the house for breakfast again. The first meal of the day had been battered during a deadly pandemic that upended the restaurant industry, particularly the portion that had catered to those commuting to work.
Krispy Kreme tallied net revenues of $321.8 million in the quarter ending April 4, a 23% spike from the $261.1 million it saw in the year-earlier period, Krispy Kreme reported Tuesday in a regulatory filing. The company also lessened its red ink to $378,000 from almost $11 million, according to documents filed with the U.S. Securities and Exchange Commission before its initial public offering.
Along with its filing, Krispy Kreme said it had given away free doughnuts to more than 1.5 million vaccinated Americans as part of its ongoing promotion giving those who've had their shots a free doughnut every day this year.
The coming return to Wall Street will be a second go-round for Krispy Kreme, which opened its first donut store in 1973 in North Carolina and went public in 2000 after becoming a nationwide food phenomenon. Life as a public company did not end sweetly: After a bankruptcy filing prefaced by a probe of its accounting practices and a drop in business at some of its franchises, Krispy Kreme was taken private in a $1.35 billion deal by JAB Holding, a German investment firm that also controls Panera Bread and Pret a Manger.
Krispy Kreme intends to list on the Nasdaq exchange under the ticker symbol DNUT, according to its filing.
The company runs almost 1,400 eateries in 33 countries, and its high-caloric offerings are sold in 12,000 grocery and convenience stores across the U.S.
Competitor Dunkin' Brands was taken private last year by Inspire Brands, which operates the Arby's and Sonic Drive-In chains.