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Dec 31, 2023
Krispy Kreme Q4 2023 Earnings Report
Reported strong fourth quarter financial results with double-digit organic revenue growth and improved profitability.
Key Takeaways
Krispy Kreme reported an 11.4% increase in net revenue, reaching $450.9 million, and a 13.2% increase in organic revenue. GAAP net income was $1.9 million. Adjusted EBITDA increased by 14.7% to $64.1 million, with margins improving by 40 basis points to 14.2%. The company's global points of access increased by 19.5% to 14,147.
Net revenue grew by 11.4% to $450.9 million.
Organic revenue grew by 13.2% to $446.0 million.
Adjusted EBITDA increased by 14.7% to $64.1 million.
Global Points of Access increased by 19.5% to 14,147.
Revenue by Segment
Forward Guidance
Krispy Kreme issued 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 we make progress towards our 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. Guidance for the full year 2024 includes operations from 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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