(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||||||||
Exhibit No. | Description | |||||||||||||
99.1 |
Name: | Josh Charlesworth | ||||
Title: | Chief Financial Officer |
$ in millions, except per share data | Q4 2021 | vs Q4 2020 | 2021 | vs 2020 | ||||||||||
Net Revenue | $370.6 | 13.8% | $1,384.4 | 23.4% | ||||||||||
Organic Revenue(1) (2) | $347.6 | 13.9% | $1,239.0 | 12.5% | ||||||||||
GAAP Net Income/(Loss) | $4.3 | nm | $(14.8) | 75.6% | ||||||||||
Adjusted Net Income(2) | $16.0 | 17.1% | $66.7 | 57.6% | ||||||||||
Operating Income | $16.5 | nm | $41.1 | 860.3% | ||||||||||
Operating Income Margin | 4.4% | +430 bps | 3.0% | +260 bps | ||||||||||
Adjusted EBITDA(2) | $47.7 | 14.4% | $187.9 | 29.2% | ||||||||||
Adjusted EBITDA Margin(2) | 12.9% | +10 bps | 13.6% | +60 bps | ||||||||||
GAAP Diluted Income/(Loss) Per Share | $0.01 | nm | $(0.18) | 65.4% | ||||||||||
Adjusted Diluted EPS(2) (3) | $0.08 | -20% | $0.37 | +23.3% | ||||||||||
Net Debt | $682.2 | -39.7% | - | - |
$ in millions, except access points | 2021 | vs 2020 | ||||||
Global Points of Access | 10,427 | 25.0% | ||||||
Sales per Hub (U.S. and Canada) TTM | $4.0 | 14.3% | ||||||
Sales per Hub (International) TTM | $9.1 | 42.2% | ||||||
Ecommerce as a Percent of Retail Sales | 17.2% | +130 bps |
Fiscal Years Ended | |||||||||||||||||
January 2, 2022 (52 weeks) | January 3, 2021 (53 weeks) | December 29, 2019 (52 weeks) | |||||||||||||||
(unaudited) | |||||||||||||||||
Net revenue | |||||||||||||||||
Product sales | $ | 1,353,466 | $ | 1,085,110 | $ | 912,805 | |||||||||||
Royalties and other revenues | 30,925 | 36,926 | 46,603 | ||||||||||||||
Total net revenues | 1,384,391 | 1,122,036 | 959,408 | ||||||||||||||
Product and distribution costs | 354,093 | 310,909 | 262,013 | ||||||||||||||
Operating expenses | 630,239 | 488,061 | 390,849 | ||||||||||||||
Selling, general and administrative expense | 222,394 | 182,317 | 161,452 | ||||||||||||||
Marketing expenses | 39,489 | 34,000 | 28,785 | ||||||||||||||
Pre-opening costs | 5,568 | 11,583 | 7,078 | ||||||||||||||
Other (income)/expenses, net | (10,102) | 10,488 | 7,465 | ||||||||||||||
Depreciation and amortization expense | 101,608 | 80,398 | 63,767 | ||||||||||||||
Operating income | 41,102 | 4,280 | 37,999 | ||||||||||||||
Interest expense, net | 32,622 | 34,741 | 38,085 | ||||||||||||||
Interest expense – related party | 10,387 | 22,468 | 21,947 | ||||||||||||||
Other non-operating expense/(income), net | 2,191 | (1,101) | (609) | ||||||||||||||
Loss before income taxes | (4,098) | (51,828) | (21,424) | ||||||||||||||
Income tax expense | 10,745 | 9,112 | 12,577 | ||||||||||||||
Net loss | (14,843) | (60,940) | (34,001) | ||||||||||||||
Net income attributable to noncontrolling interest | 9,663 | 3,361 | 3,408 | ||||||||||||||
Net loss attributable to Krispy Kreme, Inc. | $ | (24,506) | $ | (64,301) | $ | (37,409) | |||||||||||
Net loss per share: | |||||||||||||||||
Common stock - Basic | $ | (0.18) | $ | (0.52) | $ | (0.30) | |||||||||||
Common stock - Diluted | $ | (0.18) | $ | (0.52) | $ | (0.30) | |||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 147,654,548 | 124,987,370 | 124,987,370 | ||||||||||||||
Diluted | 147,654,548 | 124,987,370 | 124,987,370 |
Quarter Ended | |||||||||||
January 2, 2022 (13 weeks) | January 3, 2021 (14 weeks) | ||||||||||
Net revenue | |||||||||||
Product sales | $ | 364,334 | $ | 315,649 | |||||||
Royalties and other revenues | 6,263 | 9,966 | |||||||||
Total net revenues | 370,597 | 325,615 | |||||||||
Product and distribution costs | 96,927 | 88,500 | |||||||||
Operating expenses | 167,506 | 146,269 | |||||||||
Selling, general and administrative expense | 58,977 | 53,227 | |||||||||
Marketing expenses | 7,868 | 9,296 | |||||||||
Pre-opening costs | 1,233 | 1,915 | |||||||||
Other (income)/expenses, net | (5,737) | 3,311 | |||||||||
Depreciation and amortization expense | 27,350 | 22,779 | |||||||||
Operating income | 16,473 | 318 | |||||||||
Interest expense, net | 7,394 | 8,478 | |||||||||
Interest expense – related party | — | 5,770 | |||||||||
Other non-operating expense/(income), net | 2,317 | (632) | |||||||||
Income/(loss) before income taxes | 6,762 | (13,298) | |||||||||
Income tax expense | 2,479 | 11,525 | |||||||||
Net income/(loss) | 4,283 | (24,823) | |||||||||
Net income attributable to noncontrolling interest | 2,927 | 481 | |||||||||
Net income/(loss) attributable to Krispy Kreme, Inc. | $ | 1,356 | $ | (25,304) | |||||||
Net income/(loss) per share: | |||||||||||
Common stock - Basic | $ | 0.01 | $ | (0.21) | |||||||
Common stock - Diluted | $ | 0.01 | $ | (0.21) | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 167,246,195 | 124,987,370 | |||||||||
Diluted | 169,130,417 | 124,987,370 |
As of | |||||||||||
January 2, 2022 | January 3, 2021 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 38,562 | $ | 37,460 | |||||||
Marketable securities | — | 1,048 | |||||||||
Restricted cash | 630 | 23 | |||||||||
Accounts receivable, net | 47,491 | 45,998 | |||||||||
Inventories | 34,851 | 38,519 | |||||||||
Taxes receivable | 14,662 | 28,353 | |||||||||
Prepaid expense and other current assets | 20,701 | 12,692 | |||||||||
Total current assets | 156,897 | 164,093 | |||||||||
Property and equipment, net | 438,918 | 395,255 | |||||||||
Goodwill | 1,105,322 | 1,086,546 | |||||||||
Other intangible assets, net | 992,520 | 998,014 | |||||||||
Operating lease right of use asset, net | 435,168 | 399,688 | |||||||||
Other assets | 16,429 | 17,399 | |||||||||
Total assets | $ | 3,145,254 | $ | 3,060,995 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 36,583 | $ | 41,245 | |||||||
Current operating lease liabilities | 50,359 | 45,675 | |||||||||
Accounts payable | 182,104 | 148,645 | |||||||||
Accrued liabilities | 140,750 | 124,951 | |||||||||
Structured payables | 116,361 | 137,319 | |||||||||
Total current liabilities | 526,157 | 497,835 | |||||||||
Long-term debt, less current portion | 680,307 | 785,810 | |||||||||
Related party notes payable | — | 344,581 | |||||||||
Noncurrent operating lease liabilities | 415,208 | 376,099 | |||||||||
Deferred income taxes, net | 145,418 | 144,866 | |||||||||
Other long-term obligations and deferred credits | 42,509 | 63,445 | |||||||||
Total liabilities | 1,809,599 | 2,212,636 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, $0.01 par value; 300,000,000 and 174,500,000 shares authorized as of January 2, 2022 and January 3, 2021, respectively; 167,250,855 and 124,987,370 shares issued and outstanding as of January 2, 2022 and January 3, 2021, respectively | 1,673 | 1,250 | |||||||||
Additional paid-in capital | 1,415,185 | 845,499 | |||||||||
Shareholder note receivable | (4,382) | (18,660) | |||||||||
Accumulated other comprehensive loss, net of income tax | (2,478) | (1,208) | |||||||||
Retained deficit | (178,409) | (142,197) | |||||||||
Total shareholders’ equity attributable to Krispy Kreme, Inc. | 1,231,589 | 684,684 | |||||||||
Noncontrolling interest | 104,066 | 163,675 | |||||||||
Total shareholders’ equity | 1,335,655 | 848,359 | |||||||||
Total liabilities and shareholders’ equity | $ | 3,145,254 | $ | 3,060,995 |
Fiscal Years Ended | |||||||||||||||||
January 2, 2022 (52 weeks) | January 3, 2021 (53 weeks) | December 29, 2019 (52 weeks) | |||||||||||||||
(unaudited) | |||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net loss | $ | (14,843) | $ | (60,940) | $ | (34,001) | |||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization expense | 101,608 | 80,398 | 63,767 | ||||||||||||||
Deferred income taxes | (3,496) | (36) | 8,422 | ||||||||||||||
Loss on extinguishment of debt | 1,700 | — | 1,567 | ||||||||||||||
Impairment and lease termination charges | 3,507 | 4,701 | 3,081 | ||||||||||||||
Loss on disposal of property and equipment | 458 | 2,771 | 585 | ||||||||||||||
Gain on sale-leaseback | (8,673) | — | — | ||||||||||||||
Share-based compensation | 22,923 | 11,601 | 10,741 | ||||||||||||||
Change in accounts and notes receivable allowances | 275 | 1,047 | 365 | ||||||||||||||
Inventory write-off | 4,071 | 726 | 231 | ||||||||||||||
Gain on contingent consideration related to a business combination | — | (1,521) | (499) | ||||||||||||||
Payment of contingent consideration in excess of acquisition date fair value | — | — | (4,229) | ||||||||||||||
Collection of related party income tax receivable | — | — | 28,593 | ||||||||||||||
Other | 594 | 410 | 4,703 | ||||||||||||||
Change in operating assets and liabilities, excluding business acquisitions and foreign currency translation adjustments: | |||||||||||||||||
Accounts, notes, and taxes receivable | (3,817) | (11,942) | (1,258) | ||||||||||||||
Inventories | (301) | (15,353) | (3,217) | ||||||||||||||
Other current and noncurrent assets | (316) | 434 | (5,603) | ||||||||||||||
Operating lease assets and liabilities | 7,787 | (1,575) | 3,500 | ||||||||||||||
Accounts payable and accrued liabilities | 30,240 | 12,906 | (10,153) | ||||||||||||||
Other long-term obligations and deferred credits | (493) | 5,048 | 14,217 | ||||||||||||||
Net cash provided by operating activities | 141,224 | 28,675 | 80,812 | ||||||||||||||
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||||||||||||||||
Purchase of property and equipment | (119,497) | (97,826) | (76,373) | ||||||||||||||
Proceeds from disposals of assets | 218 | 2,837 | — | ||||||||||||||
Proceeds from sale-leaseback | 11,091 | — | — | ||||||||||||||
Acquisition of shops and franchise rights from franchisees, net of cash acquired | (46,330) | (74,890) | (150,373) | ||||||||||||||
Principal payments received from loans to franchisees | 92 | 684 | 645 | ||||||||||||||
Purchases of held-to-maturity debt securities | — | (57) | (776) | ||||||||||||||
Maturities of held-to-maturity debt securities | 1,019 | 1,124 | 271 | ||||||||||||||
Net cash used for investing activities | (153,407) | (168,128) | (226,606) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Proceeds from the issuance of debt | 695,000 | 288,097 | 804,002 | ||||||||||||||
Repayment of long-term debt and lease obligations | (1,147,049) | (225,541) | (714,617) | ||||||||||||||
Payment of financing costs | (1,700) | — | (5,665) | ||||||||||||||
Proceeds from structured payables | 266,851 | 292,756 | 124,666 | ||||||||||||||
Payments on structured payables | (287,625) | (225,320) | (68,757) | ||||||||||||||
Payment of contingent consideration related to a business combination | — | (506) | (4,646) | ||||||||||||||
Capital contribution by shareholders | 120,532 | — | — | ||||||||||||||
Proceeds from IPO, net of underwriting discounts (excluding unpaid issuance costs) | 527,329 | — | — | ||||||||||||||
Proceeds from sale of noncontrolling interest in subsidiary | 53,404 | 21,386 | 15,625 | ||||||||||||||
Distribution to shareholders | (48,187) | (42) | (2,629) | ||||||||||||||
Payments for repurchase and retirement of common stock | (139,103) | — | — | ||||||||||||||
Distribution to noncontrolling interest | (23,356) | (11,389) | (18,902) | ||||||||||||||
Net cash provided by financing activities | 16,096 | 139,441 | 129,077 | ||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,204) | 2,045 | (941) | ||||||||||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | 1,709 | 2,033 | (17,658) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | 37,483 | 35,450 | 53,108 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of the fiscal year | $ | 39,192 | $ | 37,483 | $ | 35,450 | |||||||||||
Quarter Ended | Fiscal Years Ended | ||||||||||||||||||||||
(in thousands) | January 2, 2022 | January 3, 2021 | January 2, 2022 | January 3, 2021 | |||||||||||||||||||
Net income/(loss) | $ | 4,283 | $ | (24,823) | $ | (14,843) | $ | (60,940) | |||||||||||||||
Interest expense, net | 7,394 | 8,478 | 32,622 | 34,741 | |||||||||||||||||||
Interest expense — related party(1) | — | 5,770 | 10,387 | 22,468 | |||||||||||||||||||
Income tax expense | 2,479 | 11,525 | 10,745 | 9,112 | |||||||||||||||||||
Depreciation and amortization expense | 27,350 | 22,779 | 101,608 | 80,398 | |||||||||||||||||||
Share-based compensation | 5,950 | 2,365 | 22,923 | 11,601 | |||||||||||||||||||
Employer payroll taxes related to share-based compensation | 32 | — | 2,044 | — | |||||||||||||||||||
Other non-operating expense/(income), net(2) | 2,317 | (632) | 2,191 | (1,101) | |||||||||||||||||||
New York City flagship Hot Light Theater Shop opening(3) | — | 84 | — | 6,513 | |||||||||||||||||||
Strategic initiatives(4) | — | 6,594 | — | 20,517 | |||||||||||||||||||
Acquisition and integration expenses(5) | 1,592 | 3,982 | 5,255 | 12,679 | |||||||||||||||||||
Shop closure expenses(6) | 2,766 | 1,425 | 2,766 | 6,269 | |||||||||||||||||||
Restructuring and severance expenses(7) | 340 | — | 1,733 | — | |||||||||||||||||||
IPO-related expenses(8) | 313 | 2,978 | 14,534 | 3,184 | |||||||||||||||||||
Gain on sale-leaseback | (8,673) | — | (8,673) | — | |||||||||||||||||||
Other(9) | 1,589 | 1,211 | 4,653 | (7) | |||||||||||||||||||
Adjusted EBITDA | $ | 47,732 | $ | 41,736 | $ | 187,945 | $ | 145,434 |
Quarter Ended | Fiscal Years Ended | ||||||||||||||||||||||
(in thousands) | January 2, 2022 | January 3, 2021 | January 2, 2022 | January 3, 2021 | |||||||||||||||||||
Segment Adjusted EBITDA: | |||||||||||||||||||||||
U.S. and Canada | $ | 31,811 | $ | 22,358 | $ | 107,571 | $ | 91,574 | |||||||||||||||
International | 20,746 | 16,645 | 81,422 | 44,554 | |||||||||||||||||||
Market Development | 11,042 | 11,101 | 40,824 | 39,060 | |||||||||||||||||||
Corporate | (15,867) | (8,368) | (41,872) | (29,754) | |||||||||||||||||||
Total Adjusted EBITDA | $ | 47,732 | $ | 41,736 | $ | 187,945 | $ | 145,434 |
Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
(in thousands) | January 2, 2022 | January 3, 2021 | January 2, 2022 | January 3, 2021 | |||||||||||||||||||
Net income/(loss) | $ | 4,283 | $ | (24,823) | $ | (14,843) | $ | (60,940) | |||||||||||||||
Interest expense — related party(1) | — | 5,770 | 10,387 | 22,468 | |||||||||||||||||||
Share-based compensation | 5,950 | 2,365 | 22,923 | 11,601 | |||||||||||||||||||
Employer payroll taxes related to share-based compensation | 32 | — | 2,044 | — | |||||||||||||||||||
Other non-operating expense/(income), net(2) | 2,317 | (632) | 2,191 | (1,101) | |||||||||||||||||||
New York City flagship Hot Light Theater Shop opening(3) | — | 84 | — | 6,513 | |||||||||||||||||||
Strategic initiatives(4) | — | 6,594 | — | 20,517 | |||||||||||||||||||
Acquisition and integration expenses(5) | 1,592 | 3,982 | 5,255 | 12,679 | |||||||||||||||||||
Shop closure expenses(6) | 2,766 | 1,425 | 2,766 | 6,269 | |||||||||||||||||||
Restructuring and severance expenses(7) | 340 | — | 1,733 | — | |||||||||||||||||||
IPO-related expenses(8) | 313 | 2,978 | 14,534 | 3,184 | |||||||||||||||||||
Gain on sale-leaseback | (8,673) | — | (8,673) | — | |||||||||||||||||||
Other(9) | 1,589 | 1,211 | 4,653 | (7) | |||||||||||||||||||
Amortization of acquisition related intangibles(10) | 7,230 | 7,190 | 29,803 | 26,328 | |||||||||||||||||||
KKI Term Loan Facility interest and debt issuance costs(11) | — | — | 2,448 | — | |||||||||||||||||||
Tax impact of adjustments(12) | (1,830) | (12,960) | (12,434) | (27,629) | |||||||||||||||||||
Tax specific adjustments(13) | 103 | 20,489 | 3,936 | 22,464 | |||||||||||||||||||
Adjusted net income | $ | 16,012 | $ | 13,673 | $ | 66,723 | $ | 42,346 | |||||||||||||||
Net income attributable to noncontrolling interest | (2,927) | (481) | (9,663) | (3,361) | |||||||||||||||||||
Adjusted net income attributable to Krispy Kreme, Inc. | $ | 13,085 | $ | 13,192 | $ | 57,060 | $ | 38,985 | |||||||||||||||
Adjustment to adjusted net income attributable to common shareholders | 317 | (356) | (1,468) | (477) | |||||||||||||||||||
Adjusted net income attributable to common shareholders - Basic | $ | 13,402 | $ | 12,836 | $ | 55,592 | $ | 38,508 | |||||||||||||||
Additional income attributed to noncontrolling interest due to subsidiary potential common shares | (5) | (1) | (122) | (10) | |||||||||||||||||||
Adjusted net income attributable to common shareholders - Diluted | $ | 13,397 | $ | 12,835 | $ | 55,470 | $ | 38,498 | |||||||||||||||
Basic weighted average common shares outstanding | 167,246,195 | 124,987,370 | 147,654,548 | 124,987,370 | |||||||||||||||||||
Dilutive effect of outstanding common stock options and RSUs | 1,884,222 | 3,333,182 | 2,670,765 | 3,035,493 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 169,130,417 | 128,320,552 | 150,325,313 | 128,022,863 | |||||||||||||||||||
Adjusted net income per share attributable to common shareholders: | |||||||||||||||||||||||
Basic | $ | 0.08 | $ | 0.10 | $ | 0.38 | $ | 0.31 | |||||||||||||||
Diluted | $ | 0.08 | $ | 0.10 | $ | 0.37 | $ | 0.30 |
Fiscal Years Ended | |||||||||||||||||
(in thousands) | January 2, 2022 | January 3, 2021 | December 29, 2019 | ||||||||||||||
Net revenues: | |||||||||||||||||
U.S. and Canada | $ | 928,413 | $ | 782,717 | $ | 587,522 | |||||||||||
International | 332,995 | 230,185 | 223,115 | ||||||||||||||
Market Development | 122,983 | 109,134 | 148,771 | ||||||||||||||
Total net revenues | $ | 1,384,391 | $ | 1,122,036 | $ | 959,408 |
Quarter Ended | |||||||||||||||||
(in thousands) | January 2, 2022 | January 3, 2021 | December 29, 2019 | ||||||||||||||
Net revenues: | |||||||||||||||||
U.S. and Canada | $ | 249,218 | $ | 225,437 | $ | 164,738 | |||||||||||
International | 89,990 | 71,610 | 64,361 | ||||||||||||||
Market Development | 31,389 | 28,568 | 36,173 | ||||||||||||||
Total net revenues | $ | 370,597 | $ | 325,615 | $ | 265,272 |
Q4 2021 Organic Revenue (in thousands except percentages) | U.S. and Canada | International | Market Development | Total Company | |||||||||||||||||||
Total net revenues in fourth quarter of fiscal 2021 (13 weeks) | $ | 249,218 | $ | 89,990 | $ | 31,389 | $ | 370,597 | |||||||||||||||
Total net revenues in fourth quarter of fiscal 2020 (14 weeks) | 225,437 | 71,610 | 28,568 | 325,615 | |||||||||||||||||||
Total Net Revenues Growth | 23,781 | 18,380 | 2,821 | 44,982 | |||||||||||||||||||
Total Net Revenues Growth % | 10.5 | % | 25.7 | % | 9.9 | % | 13.8 | % | |||||||||||||||
Less: Impact of 53rd week | (15,615) | (3,287) | (1,603) | (20,505) | |||||||||||||||||||
Adjusted net revenues in fourth quarter of fiscal 2020 | 209,822 | 68,323 | 26,965 | 305,110 | |||||||||||||||||||
Adjusted Net Revenue Growth | 39,396 | 21,667 | 4,424 | 65,487 | |||||||||||||||||||
Impact of acquisitions | (20,315) | — | (2,591) | (22,906) | |||||||||||||||||||
Impact of foreign currency translation | — | (624) | 543 | (81) | |||||||||||||||||||
Organic Revenue Growth | $ | 19,081 | $ | 21,043 | $ | 2,376 | $ | 42,500 | |||||||||||||||
Organic Revenue Growth % | 9.1 | % | 30.8 | % | 8.8 | % | 13.9 | % |
Full Year 2021 Organic Revenue (in thousands except percentages) | U.S. and Canada | International | Market Development | Total Company | |||||||||||||||||||
Total net revenues in fiscal 2021 (52 weeks) | $ | 928,413 | $ | 332,995 | $ | 122,983 | $ | 1,384,391 | |||||||||||||||
Total net revenues in fiscal 2020 (53 weeks) | 782,717 | 230,185 | 109,134 | 1,122,036 | |||||||||||||||||||
Total Net Revenues Growth | 145,696 | 102,810 | 13,849 | 262,355 | |||||||||||||||||||
Total Net Revenues Growth % | 18.6 | % | 44.7 | % | 12.7 | % | 23.4 | % | |||||||||||||||
Less: Impact of 53rd week | (15,615) | (3,287) | (1,603) | (20,505) | |||||||||||||||||||
Adjusted net revenues in fiscal 2020 | 767,102 | 226,898 | 107,531 | 1,101,531 | |||||||||||||||||||
Adjusted Net Revenue Growth | 161,311 | 106,097 | 15,452 | 282,860 | |||||||||||||||||||
Impact of acquisitions | (119,377) | — | (4,175) | (123,552) | |||||||||||||||||||
Impact of foreign currency translation | — | (22,391) | 543 | (21,848) | |||||||||||||||||||
Organic Revenue Growth | $ | 41,934 | $ | 83,706 | $ | 11,820 | $ | 137,460 | |||||||||||||||
Organic Revenue Growth % | 5.5 | % | 36.9 | % | 11.0 | % | 12.5 | % |
Q4 2020 Organic Revenue (in thousands except percentages) | U.S. and Canada | International | Market Development | Total Company | |||||||||||||||||||
Total net revenues in fourth quarter of fiscal 2020 (14 weeks) | $ | 225,437 | $ | 71,610 | $ | 28,568 | $ | 325,615 | |||||||||||||||
Total net revenues in fourth quarter of fiscal 2019 (13 weeks) | 164,738 | 64,361 | 36,173 | 265,272 | |||||||||||||||||||
Total Net Revenues Growth | 60,699 | 7,249 | (7,605) | 60,343 | |||||||||||||||||||
Total Net Revenues Growth % | 36.8 | % | 11.3 | % | -21.0 | % | 22.7 | % | |||||||||||||||
Impact of acquisitions | (31,498) | (8,139) | 6,922 | (32,715) | |||||||||||||||||||
Impact of foreign currency translation | — | (1,728) | — | (1,728) | |||||||||||||||||||
Impact of 53rd week | (15,615) | (3,287) | (1,603) | (20,505) | |||||||||||||||||||
Organic Revenue Growth | $ | 13,586 | $ | (5,905) | $ | (2,286) | $ | 5,395 | |||||||||||||||
Organic Revenue Growth % | 8.2 | % | -9.2 | % | -6.3 | % | 2.0 | % |
Full Year 2020 Organic Revenue (in thousands except percentages) | U.S. and Canada | International | Market Development | Total Company | |||||||||||||||||||
Total net revenues in fiscal 2020 (53 weeks) | $ | 782,717 | $ | 230,185 | $ | 109,134 | $ | 1,122,036 | |||||||||||||||
Total net revenues in fiscal 2019 (52 weeks) | 587,522 | 223,115 | 148,771 | 959,408 | |||||||||||||||||||
Total Net Revenues Growth | 195,195 | 7,070 | (39,637) | 162,628 | |||||||||||||||||||
Total Net Revenues Growth % | 33.2 | % | 3.2 | % | -26.6 | % | 17.0 | % | |||||||||||||||
Impact of acquisitions | (121,671) | (42,811) | 35,053 | (129,429) | |||||||||||||||||||
Impact of foreign currency translation | — | (906) | — | (906) | |||||||||||||||||||
Impact of 53rd week | (15,615) | (3,287) | (1,603) | (20,505) | |||||||||||||||||||
Organic Revenue Growth | $ | 57,909 | $ | (39,934) | $ | (6,187) | $ | 11,788 | |||||||||||||||
Organic Revenue Growth % | 9.9 | % | -17.9 | % | -4.2 | % | 1.2 | % |
Fiscal Years Ended | |||||||||||||||||
Sales per Hub (in thousands, unless otherwise stated) | January 2, 2022 (52 weeks) | January 3, 2021 (53 weeks) | December 29, 2019 (52 weeks) | ||||||||||||||
U.S. and Canada: | |||||||||||||||||
Revenues | $ | 928,413 | $ | 782,717 | $ | 587,522 | |||||||||||
Non-Fresh Revenues (1) | (37,311) | (128,619) | (112,051) | ||||||||||||||
Fresh Revenues from Insomnia Cookies and Hubs without Spokes (2) | (415,768) | (323,079) | (271,067) | ||||||||||||||
Sales from Hubs with Spokes | 475,334 | 331,019 | 204,404 | ||||||||||||||
Sales per Hub (millions) | 4.0 | 3.5 | 3.2 | ||||||||||||||
International: | |||||||||||||||||
Sales from Hubs with Spokes (3) | $ | 332,995 | $ | 230,185 | $ | 223,115 | |||||||||||
Sales per Hub (millions) | 9.1 | 6.4 | 8.3 |
Global Points of Access (1) | |||||||||||||||||
Fiscal Years Ended | |||||||||||||||||
January 2, 2022 | January 3, 2021 | December 29, 2019 | |||||||||||||||
U.S. and Canada: (2) | |||||||||||||||||
Hot Light Theater Shops | 241 | 229 | 175 | ||||||||||||||
Fresh Shops | 66 | 47 | 45 | ||||||||||||||
Cookie Shops | 210 | 184 | 168 | ||||||||||||||
Carts, Food Trucks, and Other (3) | 2 | — | — | ||||||||||||||
DFD Doors (4) | 5,204 | 4,137 | 2,288 | ||||||||||||||
Total | 5,723 | 4,597 | 2,676 | ||||||||||||||
International: | |||||||||||||||||
Hot Light Theater Shops | 32 | 28 | 27 | ||||||||||||||
Fresh Shops | 370 | 359 | 375 | ||||||||||||||
Carts, Food Trucks, and Other (3) | 1 | — | — | ||||||||||||||
DFD Doors (4) | 2,488 | 1,986 | 1,849 | ||||||||||||||
Total | 2,891 | 2,373 | 2,251 | ||||||||||||||
Market Development: (5) | |||||||||||||||||
Hot Light Theater Shops. | 109 | 119 | 166 | ||||||||||||||
Fresh Shops | 782 | 732 | 693 | ||||||||||||||
Carts, Food Trucks, and Other (3) | 31 | 30 | 30 | ||||||||||||||
DFD Doors (4) | 891 | 465 | 264 | ||||||||||||||
Total | 1,813 | 1,346 | 1,153 | ||||||||||||||
Total global points of access (as defined) | 10,427 | 8,316 | 6,080 | ||||||||||||||
Total Hot Light Theater Shops | 382 | 376 | 368 | ||||||||||||||
Total Fresh Shops | 1,218 | 1,138 | 1,113 | ||||||||||||||
Total Cookie Shops | 210 | 184 | 168 | ||||||||||||||
Total Shops | 1,810 | 1,698 | 1,649 | ||||||||||||||
Total Carts, Food Trucks, and Other | 34 | 30 | 30 | ||||||||||||||
Total DFD Doors | 8,583 | 6,588 | 4,401 | ||||||||||||||
Total global points of access (as defined) | 10,427 | 8,316 | 6,080 |
Hubs | |||||||||||||||||
Fiscal Years Ended | |||||||||||||||||
January 2, 2022 | January 3, 2021 | December 29, 2019 | |||||||||||||||
U.S. and Canada: | |||||||||||||||||
Hot Light Theater Shops (1) | 238 | 226 | 174 | ||||||||||||||
Doughnut Factories | 4 | 5 | 6 | ||||||||||||||
Total | 242 | 231 | 180 | ||||||||||||||
Hubs with Spokes | 126 | 113 | 76 | ||||||||||||||
International: | |||||||||||||||||
Hot Light Theater Shops (1) | 25 | 27 | 27 | ||||||||||||||
Doughnut Factories | 11 | 9 | 9 | ||||||||||||||
Total | 36 | 36 | 36 | ||||||||||||||
Hubs with Spokes | 36 | 36 | 36 | ||||||||||||||
Market Development: | |||||||||||||||||
Hot Light Theater Shops (1) | 106 | 116 | 163 | ||||||||||||||
Doughnut Factories | 27 | 26 | 26 | ||||||||||||||
Total | 133 | 142 | 189 | ||||||||||||||
Total Hubs | 411 | 409 | 405 |
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Cover Page Document |
Feb. 22, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 22, 2022 |
Entity Registrant Name | Krispy Kreme, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40573 |
Entity Tax Identification Number | 37-1701311 |
Entity Address, Address Line One | 2116 Hawkins Street |
Entity Address, City or Town | Charlotte |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28203 |
City Area Code | 800 |
Local Phone Number | 457-4779 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, $0.01 par value per share |
Trading Symbol | DNUT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001857154 |
Amendment Flag | false |
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