Organic revenue increased 13.7% driven by increased points of access, higher Ecommerce revenue, higher average weekly sales per DFD door as well as a strong performance in Insomnia Cookies, partially offset by a decrease in Branded Sweet Treats revenue. U.S.: In the U.S., segment net revenue grew 13.5% to $281.3 million, driven by the continued execution of our omni-channel strategy and growth of Insomnia Cookies. GAAP Diluted EPS in the quarter was $0.00 compared to $0.02 in the same quarter last year, while Adjusted Diluted EPS increased 12.5% to $0.09 from $0.08 in the first quarter of 2022.įirst Quarter 2023 Market Segment Results Adjusted Net Income, Diluted increased 15.5% to $15.3 million in the quarter. and Market Development segments offset by a decrease in our International segment due to inflation. Operating margins declined 100 basis points to 3.6%, while Adjusted EBITDA margins were flat at 13.1% from the same quarter in 2022, with an increase in Adjusted EBITDA margins from our U.S. Inventory write-offs and employee severance associated with the exit of the Branded Sweet Treats business had a 180 basis point negative impact on Product and Distribution Costs in the first quarter of 2023.Īdjusted EBITDA in the quarter grew 12.3% to $54.9 million despite an approximately $2 million negative impact from the stronger U.S. GAAP Net Income included a $13.4 million charge related to the previously disclosed exit of our small Branded Sweet Treats business that was largely non-cash, partially offset by a $9.7 million gain on a sale-leaseback. GAAP Net Income for the quarter was $1.6 million, compared to a GAAP Net Income of $6.5 million in 2022. Ecommerce revenue growth in the quarter was 23%. Krispy Kreme and Insomnia Cookies, as well as robust performances from our equity-owned Japan market and international franchise in our Market Development segment. Organic revenue growth was driven by strong growth from U.S. Net revenue grew 12.5% to $419.0 million and total company organic revenue grew 14.4% in the quarter. Krispy Kreme’s first quarter 2023 results reflect strong growth compared to the prior year. (1) Non-GAAP figures – please refer to Reconciliation of Non-GAAP Financial Measures. Krispy Kreme continues to be well-positioned to deliver another year of strong growth driven by our capital efficient DFD model and our global expansion plans.” Mike continued, “We also achieved our best ever quarter of Ecommerce revenue, representing a higher mix of revenue than during the pandemic and we see a long runway for further growth in this channel. Patrick’s Day campaigns and specialty offerings such as Biscoff® Doughnuts resonated with consumers, showcasing the opportunities for premiumization as well as the gifting and sharing power of our brand.” Global Points of Access, which reflect all locations where fresh doughnuts and cookies can be purchased, increased by nearly 600 during the quarter, providing consumers with access to Krispy Kreme and Insomnia Cookies through more than 12,400 locations around the world.Ĭommenting on the Company’s performance, CEO Mike Tattersfield stated, “I’m proud of our performance in the first quarter that continued to demonstrate the strength of our omni-channel model, which allows us to meet consumer demand with premium, fresh doughnuts in a capital efficient manner. Adjusted EBITDA grew 12.3% in the quarter to $54.9 million led by a 60 basis point improvement in U.S. Adjusted diluted EPS increased 12.5% to $0.09 for the quarter, compared to $0.08 last year in the same period. GAAP Net Income for the quarter was $1.6 million compared to Net Income of $6.5 million a year ago while GAAP diluted EPS for the quarter was $0.00 compared to diluted EPS of $0.02 last year. sales per Delivered Fresh Daily (“DFD”) door. increased 9% to $4.6 million, driven by an 12% increase in points of access and an 8% increase in U.S. Net revenue grew 12.5% year-over-year to $419.0 million and organic revenue grew 14.4% led by robust performances in the U.S. (NASDAQ: DNUT) (“Krispy Kreme” or the “Company”) today reported strong financial results for the first quarter ended April 2, 2023. GAAP net income of $1.6 million and Adjusted EBITDA of $54.9 million Points of Access grew by 12.5% to 12,410 and Ecommerce revenue grew 23% First quarter net revenue grew 12.5% with organic revenue growth of 14.4%
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |