Krispy Kreme’s CFO plans to focus on paying off debt and delivering fresher doughnuts to grocery and convenience stores
The Charlotte, N.C.-based company spent the past three years buying out franchisees, seeking to improve the quality of doughnuts sold outside its so-called hot light theater shops, where customers can watch doughnuts come fresh off the production line.Krispy Kreme spent about $466 million to acquire 24 franchisees and 469 locations globally during that period, according to a regulatory filing for its public offering. About 80% of U.S.
Before those acquisitions, the Krispy Kreme doughnuts sold at grocery and convenience stores were often between four and seven days old, Mr. Charlesworth said. Krispy Kreme wanted them to be made fresh daily, similar to the ones made at its hot-light retail locations. But without control of its store network in major markets, it didn’t have the logistics to make that happen, Mr. Charlesworth said.
Krispy Kreme operated 378 hot-light theater shops globally and delivered to 7,849 locations as of July 4.The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.Continuing to pay off debt is a core priority for the company, Mr. Charlesworth said. Krispy Kreme’s leverage ratio—defined as net debt versus adjusted earnings before interest, taxes, depreciation and amortization—stood at 3.6 as of Aug. 8. The company aims to reduce that figure to 3.
“We continue to believe it will take a few additional quarters for the hub & spoke model to gain momentum,” particularly when it comes to profitability, Bill Chappell, an analyst at financial firm Truist Securities Inc., said in a note to clients.
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