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Mar 31, 2024
Krispy Kreme Q1 2024 Earnings Report
Reported financial results for the first quarter of 2024 and reaffirmed full year 2024 guidance.
Key Takeaways
Krispy Kreme's first-quarter results exceeded expectations, with net revenue growing by 5.7% to $442.7 million and organic revenue increasing by 6.7% to $440.9 million. The company's Delivered Fresh Daily expansion is accelerating, including a nationwide rollout with McDonald's expected to add over 12,000 new points of access by the end of 2026.
Net revenue grew 5.7% to $442.7 million.
Organic revenue grew 6.7% to $440.9 million.
GAAP net loss attributable to KKI was $8.5 million.
Global Points of Access increased 19.4% to 14,814.
Revenue by Segment
Forward Guidance
Krispy Kreme reaffirms the following guidance for the full year 2024 (vs FY2023)
Positive Outlook
- Net Revenue growth of +5% to +7%
- Organic Revenue growth of +6% to +8%
- Adjusted EBITDA growth of +8% to +11%
- Adjusted Diluted EPS of $0.27 to $0.31
- Income Tax rate between 26% and 28%
Challenges Ahead
- Capital Expenditures of 7% to 8% of net revenue
- Interest Expense, net of $55 million to $65 million
- The above guidance assumes nominal impact from foreign exchange.
- The Company continues to expect to reduce its net leverage in 2024, as it makes progress towards its 2026 goal of approximately 2.0x to 2.5x net leverage.
- On October 3, 2023, the Company announced it is exploring strategic alternatives for Insomnia Cookies.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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