Krispy Kreme Q4 Revenues Up
The company posted an operating income of $0.87m for the fourth quarter of 2010, compared to $2.42m for the same period in 2010. Interest expense was $1.34m, compared to $2.26m for the same period in 2010. Net loss was $1.47m, compared to a net income of $0.52m for the same period in 2010.
For the full year ended January 30, 2011, the company posted revenues of $361.96m, compared to $364.52m for the same period in 2010. Operating income was $15.16m, compared to $11.77m for the same period in 2010.
Interest expense was $6.36m, compared to $10.69m for the same period in 2010. Net income was $7.6m, compared to a net loss of $0.16m for the same period in 2010.
For the fourth of 2010, direct operating expenses increased to $80.1m from $74.8m, and as a percentage of total revenues, increased to 87.4 percent from 86.2 percent.
General and administrative expenses increased to $6.4m from $5.5m in the same period last year and, as a percentage of total revenues, increased to 6.9 percent from 6.4 percent. Impairment charges and lease termination costs were $2.6m compared to $2m in the year-ago period.
James Morgan, president and CEO of the company, said: â€œIn fiscal 2011, Krispy Kreme generated operating income, excluding impairment and lease termination costs, of $19.2m, which was at the high end of our $17m to $20m estimated range. We also posted our first year-over-year growth in revenues since fiscal 2005, and completed our second consecutive year of same store sales growth at Company stores.
â€œThese factors, among others, led to our first profitable year since fiscal 2004. For the new fiscal year, we are maintaining our previously communicated outlook for store development, same store sales and operating income. We anticipate opening 5 to 10 company stores, 5 to 15 domestic franchise stores, and more than 30 international franchise stores.â€
Will the firm further improve revenues in Q1?
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