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BRIEFLY / EARNINGS

Krispy Kreme Posts Sweet Third Quarter

November 22, 2000|Bloomberg News

Krispy Kreme Doughnuts Inc. said fiscal third-quarter profit doubled to $3.85 million, or 27 cents a share, topping analysts' estimates, and boosted its earnings outlook for fiscal 2001 and 2002. Sales jumped 37% to $112.3 million. Analysts on average had expected earnings of 20 cents. Krispy Kreme's 10 new store openings in the quarter and news coverage of its public offering have helped boost sales at the 63-year-old company's shops. The Winston-Salem, N.C.-based chain raised its earnings outlook for the fiscal year to $1.05 a share from its August forecast of $1. For fiscal 2002, it now expects earnings of $1.30, up from a previous forecast of $1.25. Krispy Kreme said it will have opened 34 new stores this year and plans 36 new outlets next year. Shares of Krispy Kreme closed up 13 cents to close at $77.13 on Nasdaq. The shares went public in April at $21.

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