Krispy Kreme Jumps 23% After Raising Guidance
Shares of Winston-Salem, North Carolina-based doughnut maker Krispey Kreme (NYSE: KKD) are among the leaders on the New York Stock Exchange on Tuesday after the company reported blowout third-quarter results and raised its full-year guidance. Shares had climbed more than 23 percent to $9.30.
Krispey Kreme said that it now expects fiscal 2013 earnings per share of $0.44 to $0.47 versus its prior estimate of $0.36 to $0.42. This is above current analysts' consensus of $0.43.
For fiscal 2014, the company sees earnings per share between $0.49 and $0.55. This compares to current consensus of $0.51 for fiscal 2014.
In the third-quarter, Krispey Kreme reported a profit of $5.0 million or $0.07 per share, versus $4.7 million or $0.07 per share last year. On an adjusted basis, which is comparable to analysts' consensus, the company reported earnings per share of $0.12 versus $0.07 last year. This came in well ahead of Wall Street analysts' consensus EPS estimates of $0.08.
Revenues in the quarter were up 8.5 percent to $107.1 million from $98.7 million last year. This also easily beat Wall Street consensus revenue estimates of $104.56 million.
Same store sales at the doughnut chain, which operates primarily through franchisees, rose 6.8 percent.
The massive jump in the share price on Tuesday has sent the stock to new 52-week high levels. Year-to-date, the shares have surged more than 42 percent.
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