(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: | Jeremiah Ashukian | ||||
Title: | Chief Financial Officer |
$ in millions, except per share data | Q3 2023 | vs Q3 2022 | Q1-Q3 2023 | vs. Q1-Q3 2022 | ||||||||||
Net Revenue | $407.4 | +7.9% | $1,235.2 | +9.8% | ||||||||||
Organic Revenue (1) | $400.3 | +9.6% | $1,229.6 | +11.8% | ||||||||||
GAAP Net Loss | $(40.3) | (240.0)% | $(38.5) | (394.6)% | ||||||||||
Adjusted Net Income, Diluted (1) | $4.4 | (3.6)% | $31.1 | 0.5% | ||||||||||
GAAP Operating (Loss)/Income | $(2.1) | (105.7)% | $18.5 | (22.3)% | ||||||||||
GAAP Operating (Loss)/Income Margin | (0.5)% | -20 bps | 1.5% | -60 bps | ||||||||||
Adjusted EBITDA (1) | $43.7 | +13.5% | $147.5 | +9.4% | ||||||||||
Adjusted EBITDA Margin (1) | 10.7% | +50 bps | 11.9% | -10 bps | ||||||||||
GAAP Diluted EPS | $(0.24) | $(0.16) | $(0.24) | $(0.16) | ||||||||||
Adjusted Diluted EPS (1) | $0.03 | $0.00 | $0.18 | $0.00 |
$ in millions, except access points | Q3 2023 | vs Q3 2022 | vs Q2 2023 | ||||||||
Global Points of Access | 13,394 | +14.4% | +4.1% | ||||||||
Sales per Hub (U.S.) TTM | $4.8 | +9.1% | +2.1% | ||||||||
Sales per Hub (International) TTM | $9.9 | 0.0% | (4.8)% | ||||||||
Ecommerce as a Percent of Retail Sales | 18.6% | +10 bps | -20 bps |
Quarter Ended | Three Quarters Ended | ||||||||||||||||||||||
October 1, 2023 (13 weeks) | October 2, 2022 (13 weeks) | October 1, 2023 (39 weeks) | October 2, 2022 (39 weeks) | ||||||||||||||||||||
Net revenues | |||||||||||||||||||||||
Product sales | $ | 398,745 | $ | 370,216 | $ | 1,209,767 | $ | 1,102,045 | |||||||||||||||
Royalties and other revenues | 8,622 | 7,306 | 25,432 | 23,254 | |||||||||||||||||||
Total net revenues | 407,367 | 377,522 | 1,235,199 | 1,125,299 | |||||||||||||||||||
Product and distribution costs | 101,353 | 102,870 | 330,292 | 299,539 | |||||||||||||||||||
Operating expenses | 195,380 | 177,592 | 575,953 | 520,260 | |||||||||||||||||||
Selling, general and administrative expense | 68,305 | 54,801 | 192,355 | 160,266 | |||||||||||||||||||
Marketing expenses | 12,478 | 10,995 | 32,101 | 32,369 | |||||||||||||||||||
Pre-opening costs | 1,059 | 1,200 | 2,927 | 3,514 | |||||||||||||||||||
Other (income)/expenses, net | (1,102) | 2,964 | (6,051) | 1,800 | |||||||||||||||||||
Depreciation and amortization expense | 32,007 | 28,127 | 89,142 | 83,782 | |||||||||||||||||||
Operating (loss)/income | (2,113) | (1,027) | 18,480 | 23,769 | |||||||||||||||||||
Interest expense, net | 12,807 | 8,871 | 36,858 | 23,808 | |||||||||||||||||||
Other non-operating expense, net | 971 | 1,648 | 3,031 | 2,083 | |||||||||||||||||||
Loss before income taxes | (15,891) | (11,546) | (21,409) | (2,122) | |||||||||||||||||||
Income tax expense | 24,367 | 294 | 17,121 | 5,668 | |||||||||||||||||||
Net loss | (40,258) | (11,840) | (38,530) | (7,790) | |||||||||||||||||||
Net income attributable to noncontrolling interest | 199 | 1,216 | 2,005 | 5,113 | |||||||||||||||||||
Net loss attributable to Krispy Kreme, Inc. | $ | (40,457) | $ | (13,056) | $ | (40,535) | $ | (12,903) | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Common stock — Basic | $ | (0.24) | $ | (0.08) | $ | (0.24) | $ | (0.08) | |||||||||||||||
Common stock — Diluted | $ | (0.24) | $ | (0.08) | $ | (0.24) | $ | (0.08) | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 168,224 | 167,431 | 168,183 | 167,353 | |||||||||||||||||||
Diluted | 168,224 | 167,431 | 168,183 | 167,353 |
As of | |||||||||||
(Unaudited) October 1, 2023 | January 1, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 25,711 | $ | 35,371 | |||||||
Restricted cash | 430 | 359 | |||||||||
Accounts receivable, net | 49,854 | 51,089 | |||||||||
Inventories | 35,063 | 46,239 | |||||||||
Taxes receivable | 17,886 | 18,263 | |||||||||
Prepaid expense and other current assets | 31,118 | 26,953 | |||||||||
Total current assets | 160,062 | 178,274 | |||||||||
Property and equipment, net | 517,528 | 472,358 | |||||||||
Goodwill | 1,092,000 | 1,087,908 | |||||||||
Other intangible assets, net | 949,463 | 966,088 | |||||||||
Operating lease right of use asset, net | 448,569 | 417,381 | |||||||||
Other assets | 19,581 | 26,528 | |||||||||
Total assets | $ | 3,187,203 | $ | 3,148,537 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 43,492 | $ | 40,034 | |||||||
Current operating lease liabilities | 49,408 | 43,160 | |||||||||
Accounts payable | 178,725 | 225,276 | |||||||||
Accrued liabilities | 164,577 | 104,424 | |||||||||
Structured payables | 88,838 | 103,575 | |||||||||
Total current liabilities | 525,040 | 516,469 | |||||||||
Long-term debt, less current portion | 827,429 | 739,052 | |||||||||
Noncurrent operating lease liabilities | 441,732 | 412,759 | |||||||||
Deferred income taxes, net | 109,925 | 143,124 | |||||||||
Other long-term obligations and deferred credits | 34,067 | 38,258 | |||||||||
Total liabilities | 1,938,193 | 1,849,662 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock,$0.01 par value; 300,000 shares authorized as of both October 1, 2023 and January 1, 2023; 168,594 and 168,137 shares issued and outstanding as of October 1, 2023 and January 1, 2023, respectively | 1,686 | 1,681 | |||||||||
Additional paid-in capital | 1,437,488 | 1,426,105 | |||||||||
Shareholder note receivable | (3,820) | (4,813) | |||||||||
Accumulated other comprehensive loss, net of income tax | (7,516) | (9,151) | |||||||||
Retained deficit | (275,698) | (217,490) | |||||||||
Total shareholders’ equity attributable to Krispy Kreme, Inc. | 1,152,140 | 1,196,332 | |||||||||
Noncontrolling interest | 96,870 | 102,543 | |||||||||
Total shareholders’ equity | 1,249,010 | 1,298,875 | |||||||||
Total liabilities and shareholders’ equity | $ | 3,187,203 | $ | 3,148,537 |
Three Quarters Ended | |||||||||||
October 1, 2023 (39 weeks) | October 2, 2022 (39 weeks) | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | (38,530) | $ | (7,790) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | 89,142 | 83,782 | |||||||||
Deferred income taxes | 12,634 | (10,259) | |||||||||
Loss on extinguishment of debt | 472 | — | |||||||||
Impairment and lease termination charges | 7,711 | 7,255 | |||||||||
Gain on disposal of property and equipment | (168) | (244) | |||||||||
Gain on sale-leaseback | (9,646) | (4,311) | |||||||||
Share-based compensation | 17,821 | 13,318 | |||||||||
Change in accounts and notes receivable allowances | 504 | 378 | |||||||||
Inventory write-off | 10,522 | 388 | |||||||||
Settlement of interest rate swap derivatives | 7,657 | — | |||||||||
Amortization related to settlement of interest rate swap derivatives | (7,334) | — | |||||||||
Other | 566 | 804 | |||||||||
Change in operating assets and liabilities, excluding business acquisitions and foreign currency translation adjustments | (47,319) | (12,591) | |||||||||
Net cash provided by operating activities | 44,032 | 70,730 | |||||||||
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||||||||||
Purchase of property and equipment | (88,605) | (75,002) | |||||||||
Proceeds from disposals of assets | 202 | 856 | |||||||||
Proceeds from sale-leaseback | 10,025 | 5,700 | |||||||||
Acquisition of shops and franchise rights from franchisees, net of cash acquired | — | (17,335) | |||||||||
Purchase of equity method investment | — | (989) | |||||||||
Other investing activities | 20 | (931) | |||||||||
Net cash used for investing activities | (78,358) | (87,701) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from the issuance of debt | 1,044,698 | 121,500 | |||||||||
Repayment of long-term debt and lease obligations | (965,250) | (70,180) | |||||||||
Payment of financing costs | (5,000) | — | |||||||||
Proceeds from structured payables | 145,099 | 219,459 | |||||||||
Payments on structured payables | (159,571) | (211,778) | |||||||||
Payment of contingent consideration related to a business combination | (925) | (900) | |||||||||
Capital contribution by shareholders, net of loans issued | 631 | (288) | |||||||||
Payments of issuance costs in connection with IPO | — | (12,458) | |||||||||
Proceeds from sale of noncontrolling interest in subsidiary | — | 410 | |||||||||
Distribution to shareholders | (17,657) | (17,570) | |||||||||
Payments for repurchase and retirement of common stock | (1,609) | (2,425) | |||||||||
Distribution to noncontrolling interest | (12,883) | (11,525) | |||||||||
Net cash provided by financing activities | 27,533 | 14,245 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,796) | (7,967) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (9,589) | (10,693) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 35,730 | 39,192 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 26,141 | $ | 28,499 | |||||||
Net cash provided by operating activities | $ | 44,032 | $ | 70,730 | |||||||
Less: Purchase of property and equipment | (88,605) | (75,002) | |||||||||
Free cash flow | $ | (44,573) | $ | (4,272) |
Quarter Ended | Three Quarters Ended | ||||||||||||||||||||||
(in thousands) | October 1, 2023 | October 2, 2022 | October 1, 2023 | October 2, 2022 | |||||||||||||||||||
Net loss | $ | (40,258) | $ | (11,840) | $ | (38,530) | $ | (7,790) | |||||||||||||||
Interest expense, net | 12,807 | 8,871 | 36,858 | 23,808 | |||||||||||||||||||
Income tax expense | 24,367 | 294 | 17,121 | 5,668 | |||||||||||||||||||
Depreciation and amortization expense | 32,007 | 28,127 | 89,142 | 83,782 | |||||||||||||||||||
Share-based compensation | 7,452 | 2,825 | 17,821 | 13,318 | |||||||||||||||||||
Employer payroll taxes related to share-based compensation | 96 | 2 | 310 | 92 | |||||||||||||||||||
Other non-operating expense, net (1) | 971 | 1,648 | 3,031 | 2,083 | |||||||||||||||||||
Strategic initiatives (2) | 5,895 | 86 | 23,841 | 206 | |||||||||||||||||||
Acquisition and integration expenses (3) | 49 | 790 | 479 | 1,389 | |||||||||||||||||||
New market penetration expenses (4) | 678 | 313 | 1,013 | 683 | |||||||||||||||||||
Shop closure (income)/expenses, net (5) | (449) | 5,735 | 356 | 7,859 | |||||||||||||||||||
Restructuring and severance expenses (6) | 552 | 2,328 | 2,799 | 2,804 | |||||||||||||||||||
Gain on sale-leaseback | — | (1,937) | (9,646) | (4,311) | |||||||||||||||||||
Other (7) | (426) | 1,300 | 2,888 | 5,219 | |||||||||||||||||||
Adjusted EBITDA | $ | 43,741 | $ | 38,542 | $ | 147,483 | $ | 134,810 |
Quarter Ended | Three Quarters Ended | ||||||||||||||||||||||
(in thousands) | October 1, 2023 | October 2, 2022 | October 1, 2023 | October 2, 2022 | |||||||||||||||||||
Segment Adjusted EBITDA: | |||||||||||||||||||||||
U.S. | $ | 22,258 | $ | 20,452 | $ | 88,878 | $ | 77,014 | |||||||||||||||
International | 21,406 | 18,254 | 54,436 | 55,033 | |||||||||||||||||||
Market Development | 13,371 | 11,797 | 46,071 | 36,642 | |||||||||||||||||||
Corporate | (13,294) | (11,961) | (41,902) | (33,879) | |||||||||||||||||||
Adjusted EBITDA | $ | 43,741 | $ | 38,542 | $ | 147,483 | $ | 134,810 |
Quarter Ended | Three Quarters Ended | ||||||||||||||||||||||
(in thousands, except per share amounts) | October 1, 2023 | October 2, 2022 | October 1, 2023 | October 2, 2022 | |||||||||||||||||||
Net loss | $ | (40,258) | $ | (11,840) | $ | (38,530) | $ | (7,790) | |||||||||||||||
Share-based compensation | 7,452 | 2,825 | 17,821 | 13,318 | |||||||||||||||||||
Employer payroll taxes related to share-based compensation | 96 | 2 | 310 | 92 | |||||||||||||||||||
Other non-operating expense, net (1) | 971 | 1,648 | 3,031 | 2,083 | |||||||||||||||||||
Strategic initiatives (2) | 5,895 | 86 | 23,841 | 206 | |||||||||||||||||||
Acquisition and integration expenses (3) | 49 | 790 | 479 | 1,389 | |||||||||||||||||||
New market penetration expenses (4) | 678 | 313 | 1,013 | 683 | |||||||||||||||||||
Shop closure (income)/expenses, net (5) | (449) | 5,735 | 356 | 8,109 | |||||||||||||||||||
Restructuring and severance expenses (6) | 552 | 2,328 | 2,799 | 2,804 | |||||||||||||||||||
Gain on sale-leaseback | — | (1,937) | (9,646) | (4,311) | |||||||||||||||||||
Other (7) | (426) | 1,300 | 2,888 | 5,219 | |||||||||||||||||||
Amortization of acquisition related intangibles (8) | 7,386 | 7,083 | 22,027 | 21,307 | |||||||||||||||||||
Loss on extinguishment of 2019 Facility (9) | — | — | 472 | — | |||||||||||||||||||
Tax impact of adjustments (10) | 22,694 | (2,470) | 8,574 | (5,889) | |||||||||||||||||||
Tax specific adjustments (11) | (28) | — | (2,343) | (628) | |||||||||||||||||||
Net income attributable to noncontrolling interest | (199) | (1,216) | (2,005) | (5,113) | |||||||||||||||||||
Adjustment to adjusted net income attributable to common shareholders | — | — | — | (374) | |||||||||||||||||||
Adjusted net income attributable to common shareholders - Basic | $ | 4,413 | $ | 4,647 | $ | 31,087 | $ | 31,105 | |||||||||||||||
Additional income attributed to noncontrolling interest due to subsidiary potential common shares | (7) | (76) | (14) | (174) | |||||||||||||||||||
Adjusted net income attributable to common shareholders - Diluted | $ | 4,406 | $ | 4,571 | $ | 31,073 | $ | 30,931 | |||||||||||||||
Basic weighted average common shares outstanding | 168,224 | 167,431 | 168,183 | 167,353 | |||||||||||||||||||
Dilutive effect of outstanding common stock options, RSUs, and PSUs | 2,421 | 1,822 | 2,249 | 2,006 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 170,645 | 169,253 | 170,432 | 169,359 | |||||||||||||||||||
Adjusted net income per share attributable to common shareholders: | |||||||||||||||||||||||
Basic | $ | 0.03 | $ | 0.03 | $ | 0.18 | $ | 0.19 | |||||||||||||||
Diluted | $ | 0.03 | $ | 0.03 | $ | 0.18 | $ | 0.18 |
Quarter Ended | Three Quarters Ended | ||||||||||||||||||||||
October 1, 2023 | October 2, 2022 | October 1, 2023 | October 2, 2022 | ||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
U.S. | $ | 260,177 | $ | 246,830 | $ | 808,938 | $ | 739,414 | |||||||||||||||
International | 106,130 | 91,934 | 294,750 | 272,988 | |||||||||||||||||||
Market Development | 41,060 | 38,758 | 131,511 | 112,897 | |||||||||||||||||||
Total net revenues | $ | 407,367 | $ | 377,522 | $ | 1,235,199 | $ | 1,125,299 |
Q3 2023 Organic Revenue - QTD (in thousands, except percentages) | U.S. | International | Market Development | Total Company | |||||||||||||||||||
Total net revenues in third quarter of fiscal 2023 | $ | 260,177 | $ | 106,130 | $ | 41,060 | $ | 407,367 | |||||||||||||||
Total net revenues in third quarter of fiscal 2022 | 246,830 | 91,934 | 38,758 | 377,522 | |||||||||||||||||||
Total Net Revenues Growth | 13,347 | 14,196 | 2,302 | 29,845 | |||||||||||||||||||
Total Net Revenues Growth % | 5.4 | % | 15.4 | % | 5.9 | % | 7.9 | % | |||||||||||||||
Less: Impact of shop optimization closures | (3,096) | — | — | (3,096) | |||||||||||||||||||
Less: Impact of Branded Sweet Treats exit | (9,035) | — | — | (9,035) | |||||||||||||||||||
Adjusted net revenues in third quarter of fiscal 2022 | 234,699 | 91,934 | 38,758 | 365,391 | |||||||||||||||||||
Adjusted net revenue growth | 25,478 | 14,196 | 2,302 | 41,976 | |||||||||||||||||||
Impact of acquisitions | (1,575) | — | 457 | (1,118) | |||||||||||||||||||
Impact of foreign currency translation | — | (6,677) | 765 | (5,912) | |||||||||||||||||||
Organic Revenue Growth | $ | 23,903 | $ | 7,519 | $ | 3,524 | $ | 34,946 | |||||||||||||||
Organic Revenue Growth % | 10.2 | % | 8.2 | % | 9.1 | % | 9.6 | % |
Q3 2023 Organic Revenue - YTD (in thousands, except percentages) | U.S. | International | Market Development | Total Company | |||||||||||||||||||
Total net revenues in first three quarters of fiscal 2023 | $ | 808,938 | $ | 294,750 | $ | 131,511 | $ | 1,235,199 | |||||||||||||||
Total net revenues in first three quarters of fiscal 2022 | 739,414 | 272,988 | 112,897 | 1,125,299 | |||||||||||||||||||
Total Net Revenues Growth | 69,524 | 21,762 | 18,614 | 109,900 | |||||||||||||||||||
Total Net Revenues Growth % | 9.4 | % | 8.0 | % | 16.5 | % | 9.8 | % | |||||||||||||||
Less: Impact of shop optimization closures | (9,613) | — | — | (9,613) | |||||||||||||||||||
Less: Impact of Branded Sweet Treats exit | (15,736) | — | — | (15,736) | |||||||||||||||||||
Adjusted net revenues in first three quarters of fiscal 2022 | 714,065 | 272,988 | 112,897 | 1,099,950 | |||||||||||||||||||
Adjusted net revenue growth | 94,873 | 21,762 | 18,614 | 135,249 | |||||||||||||||||||
Impact of acquisitions | (7,678) | — | 2,227 | (5,451) | |||||||||||||||||||
Impact of foreign currency translation | — | (4,593) | 4,475 | (118) | |||||||||||||||||||
Organic Revenue Growth | $ | 87,195 | $ | 17,169 | $ | 25,316 | $ | 129,680 | |||||||||||||||
Organic Revenue Growth % | 12.2 | % | 6.3 | % | 22.4 | % | 11.8 | % |
Q3 2022 Organic Revenue - QTD (in thousands, except percentages) | U.S. | International | Market Development | Total Company | |||||||||||||||||||
Total net revenues in third quarter of fiscal 2022 | $ | 246,830 | $ | 91,934 | $ | 38,758 | $ | 377,522 | |||||||||||||||
Total net revenues in third quarter of fiscal 2021 | 225,807 | 87,262 | 29,730 | 342,799 | |||||||||||||||||||
Total Net Revenues Growth | 21,023 | 4,672 | 9,028 | 34,723 | |||||||||||||||||||
Total Net Revenues Growth % | 9.3 | % | 5.4 | % | 30.4 | % | 10.1 | % | |||||||||||||||
Impact of acquisitions | (1,030) | — | (3,862) | (4,892) | |||||||||||||||||||
Impact of foreign currency translation | — | 8,890 | 2,564 | 11,454 | |||||||||||||||||||
Organic Revenue Growth | $ | 19,993 | $ | 13,562 | $ | 7,730 | $ | 41,285 | |||||||||||||||
Organic Revenue Growth % | 8.9 | % | 15.5 | % | 26.0 | % | 12.0 | % |
Q3 2022 Organic Revenue - YTD (in thousands, except percentages) | U.S. | International | Market Development | Total Company | |||||||||||||||||||
Total net revenues in first three quarters of fiscal 2022 | $ | 739,414 | $ | 272,988 | $ | 112,897 | $ | 1,125,299 | |||||||||||||||
Total net revenues in first three quarters of fiscal 2021 | 679,195 | 243,005 | 91,594 | 1,013,794 | |||||||||||||||||||
Total Net Revenues Growth | 60,219 | 29,983 | 21,303 | 111,505 | |||||||||||||||||||
Total Net Revenues Growth % | 8.9 | % | 12.3 | % | 23.3 | % | 11.0 | % | |||||||||||||||
Impact of acquisitions | (4,955) | — | (10,653) | (15,608) | |||||||||||||||||||
Impact of foreign currency translation | — | 18,843 | 5,769 | 24,612 | |||||||||||||||||||
Organic Revenue Growth | $ | 55,264 | $ | 48,826 | $ | 16,419 | $ | 120,509 | |||||||||||||||
Organic Revenue Growth % | 8.1 | % | 20.1 | % | 17.9 | % | 11.9 | % |
Sales per Hub | Trailing Four Quarters Ended | Fiscal Year Ended | |||||||||||||||
(in thousands, unless otherwise stated) | October 1, 2023 | January 1, 2023 | January 2, 2022 | ||||||||||||||
U.S.: | |||||||||||||||||
Revenues | $ | 1,079,774 | $ | 1,010,250 | $ | 923,129 | |||||||||||
Non-Fresh Revenues (1) | (18,488) | (38,380) | (37,311) | ||||||||||||||
Fresh Revenues from Insomnia Cookies and Hubs without Spokes (2) | (400,567) | (404,430) | (414,899) | ||||||||||||||
Sales from Hubs with Spokes | 660,719 | 567,440 | 470,919 | ||||||||||||||
Sales per Hub (millions) | 4.8 | 4.5 | 4.0 | ||||||||||||||
International: | |||||||||||||||||
Sales from Hubs with Spokes (3) | $ | 387,678 | $ | 365,916 | $ | 332,995 | |||||||||||
Sales per Hub (millions) (4) | 9.9 | 9.9 | 8.6 |
Global Points of Access (1) | |||||||||||||||||
Quarter Ended | Fiscal Year Ended | ||||||||||||||||
October 1, 2023 | October 2, 2022 | January 1, 2023 | |||||||||||||||
U.S.: (2) | |||||||||||||||||
Hot Light Theater Shops | 229 | 240 | 234 | ||||||||||||||
Fresh Shops | 65 | 61 | 62 | ||||||||||||||
Cookie Bakeries | 247 | 227 | 231 | ||||||||||||||
Carts, Food Trucks, and Other (3) | — | 1 | — | ||||||||||||||
DFD Doors (5) | 6,506 | 5,720 | 5,729 | ||||||||||||||
Total | 7,047 | 6,249 | 6,256 | ||||||||||||||
International: | |||||||||||||||||
Hot Light Theater Shops | 36 | 35 | 37 | ||||||||||||||
Fresh Shops | 410 | 384 | 388 | ||||||||||||||
Carts, Food Trucks, and Other (3) | 16 | 12 | 14 | ||||||||||||||
DFD Doors | 3,393 | 3,008 | 3,032 | ||||||||||||||
Total | 3,855 | 3,439 | 3,471 | ||||||||||||||
Market Development: (4) | |||||||||||||||||
Hot Light Theater Shops | 122 | 111 | 115 | ||||||||||||||
Fresh Shops | 989 | 809 | 873 | ||||||||||||||
Cookie Bakeries | 2 | — | — | ||||||||||||||
Carts, Food Trucks, and Other (3) | 29 | 29 | 27 | ||||||||||||||
DFD Doors | 1,350 | 1,066 | 1,095 | ||||||||||||||
Total | 2,492 | 2,015 | 2,110 | ||||||||||||||
Total Global Points of Access (as defined) | 13,394 | 11,703 | 11,837 | ||||||||||||||
Total Hot Light Theater Shops | 387 | 386 | 386 | ||||||||||||||
Total Fresh Shops | 1,464 | 1,254 | 1,323 | ||||||||||||||
Total Cookie Bakeries | 249 | 227 | 231 | ||||||||||||||
Total Shops | 2,100 | 1,867 | 1,940 | ||||||||||||||
Total Carts, Food Trucks, and Other | 45 | 42 | 41 | ||||||||||||||
Total DFD Doors | 11,249 | 9,794 | 9,856 | ||||||||||||||
Total Global Points of Access (as defined) | 13,394 | 11,703 | 11,837 |
Hubs | |||||||||||||||||
Quarter Ended | Fiscal Year Ended | ||||||||||||||||
October 1, 2023 | October 2, 2022 | January 1, 2023 | |||||||||||||||
U.S.: | |||||||||||||||||
Hot Light Theater Shops (1) | 222 | 237 | 228 | ||||||||||||||
Doughnut Factories | 4 | 4 | 4 | ||||||||||||||
Total | 226 | 241 | 232 | ||||||||||||||
Hubs with Spokes | 148 | 126 | 133 | ||||||||||||||
Hubs without Spokes | 78 | 115 | 99 | ||||||||||||||
International: | |||||||||||||||||
Hot Light Theater Shops (1) | 30 | 26 | 28 | ||||||||||||||
Doughnut Factories | 11 | 11 | 11 | ||||||||||||||
Total | 41 | 37 | 39 | ||||||||||||||
Hubs with Spokes | 41 | 37 | 39 | ||||||||||||||
Market Development: | |||||||||||||||||
Hot Light Theater Shops (1) | 115 | 107 | 110 | ||||||||||||||
Doughnut Factories | 26 | 26 | 27 | ||||||||||||||
Total | 141 | 133 | 137 | ||||||||||||||
Total Hubs | 408 | 411 | 408 |
(in thousands, except leverage ratio) | October 1, 2023 | January 1, 2023 | |||||||||
Current portion of long-term debt | $ | 43,492 | $ | 40,034 | |||||||
Long-term debt, less current portion | 827,429 | 739,052 | |||||||||
Total long-term debt, including debt issuance costs | 870,921 | 779,086 | |||||||||
Add back: Debt issuance costs | 4,634 | 2,247 | |||||||||
Total long-term debt, excluding debt issuance costs | 875,555 | 781,333 | |||||||||
Less: Cash and cash equivalents | (25,711) | (35,371) | |||||||||
Net debt | $ | 849,844 | $ | 745,962 | |||||||
Adjusted EBITDA - trailing four quarters | 203,402 | 190,729 | |||||||||
Net leverage ratio | 4.2 | x | 3.9 | x |
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Cover Page Document |
Nov. 09, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 09, 2023 |
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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