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Oct 01, 2023
Krispy Kreme Q3 2023 Earnings Report
Krispy Kreme reported revenue and Adjusted EBITDA growth, while delivering Adjusted EBITDA margin expansion through its hub and spoke model.
Key Takeaways
Krispy Kreme's third quarter results showed a net revenue growth of 7.9% to $407.4 million and organic revenue growth of 9.6% to $400.3 million. Adjusted EBITDA grew 13.5% to $43.7 million with margins improving 50 basis points to 10.7%. The company reaffirms mid-to-high end of Revenue and Adjusted EBITDA guidance.
Net Revenue grew 7.9% to $407.4 million.
Organic Revenue grew 9.6% to $400.3 million.
Adjusted EBITDA grew 13.5% to $43.7 million.
Adjusted EBITDA margins improved 50 basis points to 10.7%.
Revenue by Segment
Forward Guidance
The Company is reiterating its outlook for the full year 2023, trending toward the middle to the higher end of the revenue and adjusted EBITDA ranges.
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
- Capital Expenditures of approximately 7% to 8% of revenue; updated from 6.6% driven by investments to support the growth of the business and foreign exchange rates
- Interest Expense, net between $47 million to $51 million; updated from $39 to $43 million driven by the reduction of vendor financing and higher prevailing interest rates
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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