Krispy Kreme Reports Mixed Q2 Results, Provides Upbeat Guidance

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  • Krispy Kreme Inc DNUT reported second-quarter FY21 sales growth of 42.6% year-on-year, to $349.19 million, beating the consensus of $333.36 million. Organic revenue grew 22.5% in the quarter.
  • Revenue from the U.S. & Canada rose 25.3% Y/Y, and International revenues climbed 159%.
  • Product sales rose 44.2% Y/Y, and Royalties and other revenues fell 4.8%.
  • Operating expense increased 51.5% Y/Y to $157.9 million.
  • The operating margin was 2.6%, and operating income for the quarter recovered to $9.1 million.
  • The company held $37.46 million in cash and equivalents as of July 4, 2021.
  • Adjusted EBITDA of $52.4 million increased 77.8% Y/Y.
  • Adjusted EPS of $0.13 missed the consensus of $0.14.
  • "The second quarter saw great continued momentum in the U.S. and Canada, enhanced by the strong ongoing recovery in International," said CEO Mike Tattersfield.
  • Outlook: Krispy Kreme sees FY21 sales of $1.34 billion - $1.38 billion, with the consensus at $1.34 billion.
  • The company expects FY21 adjusted EBITDA of $178 million - $185 million.
  • Price Action: DNUT shares are trading lower by 0.07% at $14.03 in premarket on the last check Wednesday.
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