0001206774-14-001576.txt : 20140509 0001206774-14-001576.hdr.sgml : 20140509 20140509090533 ACCESSION NUMBER: 0001206774-14-001576 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140508 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140508 DATE AS OF CHANGE: 20140509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KRISPY KREME DOUGHNUTS INC CENTRAL INDEX KEY: 0001100270 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FOOD STORES [5400] IRS NUMBER: 562169715 STATE OF INCORPORATION: NC FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16485 FILM NUMBER: 14827139 BUSINESS ADDRESS: STREET 1: 370 KNOLLWOOD ST. STREET 2: SUITE 500 CITY: WINSTON SALEM STATE: NC ZIP: 27103 BUSINESS PHONE: 3367222981 MAIL ADDRESS: STREET 1: 370 KNOLLWOOD ST STREET 2: SUITE 500 CITY: WINSTON SALEM STATE: NC ZIP: 27103 8-K 1 krispykreme_8k.htm CURRENT REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2014

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KRISPY KREME DOUGHNUTS, INC.
(Exact name of registrant as specified in its charter)

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North Carolina 001-16485 56-2169715
(State or other jurisdiction (Commission File Number) (I.R.S. Employer Identification
of incorporation) No.)

370 Knollwood Street, Winston-Salem, North Carolina 27103
(Address of principal executive offices)

Registrant’s telephone number, including area code: (336) 725-2981

Not Applicable
(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[    ]        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[    ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[    ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[    ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 7.01 Regulation FD Disclosure.

     Beginning in fiscal 2015 (ending February 1, 2015), Krispy Kreme Doughnuts, Inc. (the “Company”) is revising its methodology for computing its same store sales metric to more accurately reflect overall comparable stores sales performance. Under the revised methodology, shops will be included in the same store sales computation after 18 months of operation, compared to 13 months under the former methodology. Because Krispy Kreme shops typically open with an extended honeymoon period of elevated sales levels, under the former methodology most shops reported negative comparisons as they entered the same store sales metric at week 57. Deferring stores’ entry into the same store sales metric until week 79 is expected to result in a more meaningful measurement of comparable sales because, in most cases, substantially all of the honeymoon sales period will no longer be reflected in the metric.

     The Company has provided quarterly tables showing the change in same store sales for Company, domestic franchise and international franchise shops for fiscal 2012 through fiscal 2014 calculated using the revised computational methodology and the former methodology. Such information is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.       Description
 
99.1 Krispy Kreme Doughnuts, Inc. summary of the change in same store sales for fiscal 2012 through fiscal 2014 calculated using the revised computational methodology and the former methodology.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KRISPY KREME DOUGHNUTS, INC.
Dated: May 8, 2014
 
  By:    /s/ Douglas R. Muir  
 
  Douglas R. Muir
  Chief Financial Officer


EXHIBIT INDEX

Exhibit No.       Description
 
99.1 Krispy Kreme Doughnuts, Inc. summary of the change in same store sales for fiscal 2012 through fiscal 2014 calculated using the revised computational methodology and the former methodology.

 EX-99.1 2 exhibit99-1.htm KRISPY KREME DOUGHNUTS, INC. SUMMARY OF THE CHANGE IN SAME STORE SALES

Krispy Kreme Doughnuts, Inc.
Change in Same Store Sales
Company Stores

Revised Methodology Former Methodology
Stores Enter Stores Enter
Computation Computation
in Week 79 in Week 57
Period End Quarter YTD       Quarter YTD
      FY12                                                    
Q1 6.0 % 6.0 % 5.8 % 5.8 %
Q2 2.5 % 4.3 % 2.5 % 4.2 %
Q3   4.6 % 4.4 % 4.0 % 4.2 %
Q4 8.6 % 5.4 % 8.3 % 5.2 %
 
FY13
Q1 2.1 % 2.1 % 2.1 % 2.1 %
Q2 6.2 % 4.0 % 5.4 % 3.7 %
Q3 7.5 % 5.2 % 6.8 % 4.7 %
Q4 8.1 % 5.9 % 7.5 % 5.5 %
 
FY14
Q1 12.2 % 12.2 % 11.4 % 11.4 %
Q2 10.5 % 11.4 % 10.0 % 10.8 %
Q3 4.4 % 9.1 % 3.7 % 8.4 %
Q4 2.4 % 7.4 % 1.6 % 6.7 %


Krispy Kreme Doughnuts, Inc.
Change in Same Store Sales
Domestic Franchise Stores

Revised Methodology Former Methodology
Stores Enter Stores Enter
Computation Computation
in Week 79 in Week 57
Period End Quarter YTD       Quarter YTD
      FY12                                                    
Q1 5.9 % 5.9 % 4.6 % 4.6 %
Q2 6.5 % 6.2 % 6.3 % 5.4 %
Q3 8.1 % 6.8 % 7.9 % 6.2 %
Q4 8.8 % 7.3 % 7.9 % 6.6 %
 
FY13
Q1 6.2 % 6.2 % 5.8 % 5.8 %
Q2 8.1 % 7.1 % 6.7 % 6.2 %
Q3 6.5 % 6.9 % 5.0 % 5.8 %
Q4 11.0 % 7.9 % 9.6 % 6.8 %
 
FY14
Q1 11.8 % 11.8 % 11.3 % 11.3 %
Q2 12.0 % 11.9 % 11.5 % 11.4 %
Q3 11.0 % 11.6 % 10.7 % 11.2 %
Q4 7.0 % 10.4 % 6.2 % 9.9 %


Krispy Kreme Doughnuts, Inc.
Change in Same Store Sales
International Franchise Stores

Nominal Dollars (1)
Revised Methodology Former Methodology
Stores Enter Stores Enter
Computation Computation
in Week 79 in Week 57
Period End Quarter       YTD       Quarter       YTD
      FY12                    
Q1 -2.1 %   -2.1   %   -4.3   % -4.3 %
Q2     4.5   % 1.2 % -3.1 % -3.7 %
Q3 -3.3 % -0.4 % -8.5 % -5.4 %
Q4 -5.3 % -1.9 % -8.8 % -6.4 %
 
FY13
Q1 -6.5 % -6.5 % -7.9 % -7.9 %
Q2 -8.4 % -7.4 % -12.7 % -10.3 %
Q3 -4.3 % -6.5 % -8.3 % -9.6 %
Q4 -3.6 % -5.7 % -7.3 % -9.0 %
 
FY14
Q1 -8.0 % -8.0 % -11.0 % -11.0 %
Q2 -11.2 % -9.6 % -13.0 % -12.0 %
Q3 -6.4 % -8.5 % -8.7 % -10.9 %
Q4 -6.5 % -8.0 % -9.1 % -10.4 %

Constant Dollars (2)
. Revised Methodology Former Methodology
Stores Enter Stores Enter
Computation Computation
in Week 79 in Week 57
Period End Quarter YTD Quarter YTD
      FY12                                      
  Q1   -7.6 % -7.6   % -9.6   % -9.6 %
Q2 -5.2 % -6.4 %   -11.7 % -10.7 %
Q3 -7.2   %   -6.7 % -12.2 % -11.3 %
Q4 -6.1 % -6.5 % -9.5 % -10.8 %
 
FY13
Q1 -6.0 % -6.0 % -7.4 % -7.4 %
Q2 -5.3 % -5.7 % -10.0 % -8.7 %
Q3 -3.8 % -5.1 % -7.7 % -8.4 %
Q4 -3.9 % -4.8 % -7.4 % -8.1 %
 
FY14
Q1 -4.5 % -4.5 % -7.3 % -7.3 %
Q2 -7.1 % -5.8 % -8.6 % -7.9 %
Q3 -0.9 % -4.2 % -3.1 % -6.4 %
Q4 -0.8 % -3.3 % -3.4 % -5.6 %

(1)       Computed using the average rate of exchange for the period between the U.S. dollar and each of the foreign currencies in which the Company's international franchisees conduct business.
 
(2) Computed on a pro forma basis assuming the average rate of exchange between the U.S. dollar and each of the foreign currencies in which the Company's international franchisees conduct business had been the same in the comparable prior year period.