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Jul 02, 2023
Krispy Kreme Q2 2023 Earnings Report
Krispy Kreme reported second quarter 2023 results, reiterating full year guidance.
Key Takeaways
Krispy Kreme's second quarter 2023 results showed a net revenue increase of 9.0% year-over-year to $408.9 million, with organic revenue growing by 11.4%. GAAP net income was $0.1 million, and Adjusted EBITDA reached $48.8 million.
Net revenue increased by 9.0% with organic revenue growth of 11.4%.
Global Points of Access grew by 12.8% reaching 12,872 locations.
GAAP net income was $0.1 million, a significant increase from the net loss of $2.4 million in the previous year.
Adjusted EBITDA increased by 3.1% to $48.8 million, driven by the U.S. and Market Development segments.
Revenue by Segment
Forward Guidance
Krispy Kreme re-affirms its previous guidance for the full year 2023.
Positive Outlook
- Net Revenue of $1.65 billion to $1.68 billion, +8% to +10% vs 2022 (+9% to +11% in constant currency)
- Organic Revenue growth of 9% to 11%
- Adjusted EBITDA of $205 million to $215 million, +8% to +13% vs 2022 (+10% to +14% in constant currency)
- Adjusted Net Income, Diluted, of $52 million to $58 million, +5% to +17% vs 2022 (+9% to +21% in constant currency)
- Adjusted Diluted EPS of $0.31 to $0.34, +7% to +17% vs 2022 (+10% to +21% in constant currency)
Challenges Ahead
- Income Tax rate between 24.5% to 26.0%
- Capital Expenditures between $105 million to $115 million, or approximately 6.6% of revenue
- Interest Expense, net between $39 million to $43 million
- The above guidance continues to assume a negative 1% impact to 2023 revenue and a negative $3 million impact to 2023 Adjusted EBITDA from FX headwinds, with the impact entirely in the first half of the year.
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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