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Krispy Kreme Warns on Lower Profits
Krispy Kreme Warns on Profits
Reuters
Friday, May 7, 2004; 6:45 AM
NEW YORK (Reuters) - Krispy Kreme Doughnuts Inc. on Friday cut its earnings forecast by 10 percent, its first profit warning since going public four years ago, saying the popularity of low-carbohydrate diets has hurt demand.
Krispy Kreme also said it would shut down or sell off operations of Montana Mills Bread Co., a gourmet bread and pastry chain it bought just last year for about $40 million, and it will curtail development of other concepts aside from its main Krispy Kreme operations.
"For several months, there has been increasing consumer interest in low-carbohydrate diets, which has adversely impacted several flour-based food categories, including bread, cereal and pasta," Chairman, President and Chief Executive Officer Scott Livengood said in a statement.
"This trend had little discernible effect on our business last year," Livengood said. "However, recent market data suggests consumer interest in reduced carbohydrate consumption has heightened significantly following the beginning of the year and has accelerated in the last two to three months."
For the just-ended fiscal first quarter, the Winston-Salem, North Carolina, company said it now estimates earnings from continuing operations, excluding asset impairment charges associated with Montana Mills, of about 23 cents per share. Including the charges, it expects earnings of 16 cents per share.
Krispy Kreme Warns on Lower Profits
Krispy Kreme Warns on Profits
Reuters
Friday, May 7, 2004; 6:45 AM
NEW YORK (Reuters) - Krispy Kreme Doughnuts Inc. on Friday cut its earnings forecast by 10 percent, its first profit warning since going public four years ago, saying the popularity of low-carbohydrate diets has hurt demand.
Krispy Kreme also said it would shut down or sell off operations of Montana Mills Bread Co., a gourmet bread and pastry chain it bought just last year for about $40 million, and it will curtail development of other concepts aside from its main Krispy Kreme operations.
"For several months, there has been increasing consumer interest in low-carbohydrate diets, which has adversely impacted several flour-based food categories, including bread, cereal and pasta," Chairman, President and Chief Executive Officer Scott Livengood said in a statement.
"This trend had little discernible effect on our business last year," Livengood said. "However, recent market data suggests consumer interest in reduced carbohydrate consumption has heightened significantly following the beginning of the year and has accelerated in the last two to three months."
For the just-ended fiscal first quarter, the Winston-Salem, North Carolina, company said it now estimates earnings from continuing operations, excluding asset impairment charges associated with Montana Mills, of about 23 cents per share. Including the charges, it expects earnings of 16 cents per share.
