Krispy Kreme Doughnuts Inc. reported net income of $6 million in the first quarter of its fiscal year 2013 ended April 29, a 34 percent drop from $9.2 million in the year-ago quarter.
Krispy's revenue rose 3.7 percent to $108.5 million, with same-store sales at its company stores up 2.1 percent—the 14th consecutive quarterly increase. Company stores revenues increased 5.6 percent to $73.3 million.
"We got off to a good start in fiscal 2013 as operating income rose 11 percent on a 4 percent increase in revenues. All four of our business segments reported improved operating results compared to last year," James Morgan, chairman and chief executive officer, said in a press release. "Based on these results and other factors, we expect our business model to generate healthy cash flows and financial returns for investors, and we remain confident in our previous outlook for the full year."
Krispy Kreme affirmed its forecast for the full fiscal year. It expects earnings of $0.21 to $0.24 per share, or an adjusted profit of $0.35 to $0.41 per share. However, analysts were expecting earnings of $0.30 per share.