NASDAQ$DNUT
Krispy Kreme Inc. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Krispy Kreme reported revenue and Adjusted EBITDA growth, while delivering Adjusted EBITDA margin expansion through its hub and spoke model.
Krispy Kreme's third quarter results showed a net revenue growth of 7.9% to $407.4 million and organic revenue growth of 9.6% to $400.3 million. Adjusted EBITDA grew 13.5% to $43.7 million with margins improving 50 basis points to 10.7%. The company reaffirms mid-to-high end of Revenue and Adjusted EBITDA guidance.
- Net Revenue grew 7.9% to $407.4 million.
- Organic Revenue grew 9.6% to $400.3 million.
- Adjusted EBITDA grew 13.5% to $43.7 million.
- Adjusted EBITDA margins improved 50 basis points to 10.7%.
Headline financials
Revenue & EPS history
Krispy Kreme · Revenue · Quarterly
$407M
Revenue by segment
Krispy Kreme · $407M total across 3 segments · Q3 2023
- U.S.$260M+5.4%63.9%
- International$106M+15.4%26.1%
- Market Development$41.1M+5.9%10.1%
Forward guidance
The Company is reiterating its outlook for the full year 2023, trending toward the middle to the higher end of the revenue and adjusted EBITDA ranges.
Tailwinds
- Net Revenue of $1.65 billion to $1.68 billion, +8% to +10% vs 2022 (+9% to +11% in constant currency)
- Organic Revenue growth of 9% to 11%
- Adjusted EBITDA of $205 million to $215 million, +8% to +13% vs 2022 (+10% to +14% in constant currency)
- Adjusted Net Income, Diluted, of $52 million to $58 million, +5% to +17% vs 2022 (+9% to +21% in constant currency)
- Adjusted Diluted EPS of $0.31 to $0.34, +7% to +17% vs 2022 (+10% to +21% in constant currency)
Headwinds
- Capital Expenditures of approximately 7% to 8% of revenue; updated from 6.6% driven by investments to support the growth of the business and foreign exchange rates
- Interest Expense, net between $47 million to $51 million; updated from $39 to $43 million driven by the reduction of vendor financing and higher prevailing interest rates
- The Company continues to expect to reduce its net leverage in 2023, as we make progress towards our 2026 goal of approximately 2.0x to 2.5x net leverage
- Guidance for the full year 2023 includes operations from Insomnia Cookies and, if a divestiture occurs, final results may reflect separation of Insomnia Cookies' operations.
- Adjusted Income Tax rate between 24.5% to 26.0%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.8%
Avg return
Earnings day
+0.7%
Avg return
5 days after
-1.2%
Avg return
30 days after
50%
11 / 22 earnings
Positive
+27.4%
Q4 2025
Best reaction
-24.6%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.1% | -9.1% | -3.8% | |
| Q4 2025 | +27.4% | +18.1% | +8.0% | |
| Q3 2025 | +3.2% | +15.6% | +13.8% | |
| Q1 2025 | -24.6% | -25.9% | -32.6% | |
| Q4 2024 | -21.9% | -32.0% | -39.9% | |
| Q3 2024 | -8.0% | -8.9% | -17.6% | |
| Q2 2024 | +15.0% | +11.2% | +25.3% | |
| Q1 2024 | +2.4% | -6.3% | -16.4% | |
| Q4 2023 | -7.2% | -6.2% | -14.2% | |
| Q3 2023 | -4.6% | -0.4% | -2.6% | |
| Q2 2023 | -10.1% | -7.8% | -8.9% | |
| Q1 2023 | +0.7% | -0.3% | +0.7% | |
| Q4 2022 | +10.9% | +7.1% | +16.2% | |
| Q3 2022 | +2.7% | +7.5% | -6.1% | |
| Q2 2022 | -13.9% | -18.1% | -16.0% | |
| Q1 2022 | +7.2% | +18.3% | +10.1% | |
| Q4 2019 | -4.1% | +3.6% | -1.4% | |
| Q4 2021 | +4.0% | +8.7% | +9.7% | |
| Q3 2020 | +10.2% | +10.6% | +19.6% | |
| Q3 2021 | -1.3% | +6.6% | +10.0% | |
| Q2 2020 | +6.2% | +19.2% | +8.3% | |
| Q2 2021 | -10.6% | +3.1% | +12.0% | |
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