US doughnut maker and retailer Krispy Kreme Doughnuts has posted a 46.8% rise in second-quarter income and backed its forecast of 2003 same-store sales growth of 10%.
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Krispy Kreme reported earnings of US$13m, or 21 cents a share, for the second quarter to 3 August, compared to $8.9m, or 15 cents a share, a year earlier. Analysts had been expecting earnings of 20 cents a share, reported Dow Jones News Service.
Second-quarter revenue, including sales from company stores, franchise operations, Krispy Kreme Manufacturing and Distribution, and Montana Mills, increased 41.1% to $161.8m from $114.6m a year earlier.
Same-store sales from company stores rose 15.6%. Total company store sales rose 39.6% to $104.3m. Systemwide same-store sales rose 11.3%.
Krispy Kreme said it now expects fiscal 2004 earnings to be around 91 cents a share, based on expected earnings of 22 cents a share for the third quarter and 26 cents a share for the fourth quarter.
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