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Krispy Kreme Posts Strong Q1, Beats Estimates

Financial News Network
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May 23, 2011 AT 7:20 PM
Krispy Kreme Doughnuts (NYSE:KKD) reported Q1 EPS of $0.13 today, beating the consensus estimate for $0.09 per share. Revenue for the quarter grew 13.6% year-over-year to $104.6 million, topping the consensus estimate for $96.6 million.Same store sales at company-owned stores rose 5.8% from the year ago-period; with company store revenues up 11.1% overall, and domestic franchise revenues were up 7.7%, with international franchise revenues up 18.4%.James H. Morgan, President and Chief Executive Officer, commented: "We delivered a strong performance in the first quarter, characterized by double-digit revenue growth, a significant increase in consolidated operating income, and our best quarterly net profit since the fourth quarter of fiscal 2004. Substantially improved results in the Company Stores segment were a major driver of our improved results. We also benefitted from lower impairment charges and lease termination costs and a significant reduction in interest expense resulting from the January 2011 refinancing of our credit facilities."Krispy Kreme Doughnuts has a potential upside of 11.2% based on a c