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Krispy Kreme back in black for Q1
June 9, 2008
WINSTON-SALEM, N.C. — Net income at Krispy Kreme Doughnuts Inc. for the company's fiscal 2009 first quarter ended May 4, 2008, rose to $4 million compared with a net loss of $7.4 million in the first quarter of last year. Last year's results included a charge of $9.6 million related to the refinancing of long-term debt.
Company revenues for the first quarter were down, however, decreasing 6.6 percent to $103.6 million compared with $110.9 million in the first quarter last year. The decline in revenues reflects a 10.3 percent decrease in company stores' revenues to $72.2 million, and a 2 percent decrease in KK Supply Chain revenues to $24.9 million, partially offset by a 30 percent increase in franchise revenues to $6.5 million.
First quarter systemwide sales increased 2.4 percent from the first quarter of last year. The growth in systemwide sales was entirely attributable to growth in sales by international franchisees; the domestic component of systemwide sales fell in the first quarter compared to the first quarter last year, principally due to store closures over the past 12 months.
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