Krispy Kreme Doughnuts Inc. announced Thursday it had narrowed its third quarter losses even as sales took a hit.
The Winston-Salem based company reported a net loss of $798,000, or 1 cent per share, for its third fiscal quarter of 2008, which ended Oct. 28. But the loss was considerably smaller than a year ago, when the company reported losses of $7.2 million, or 12 cents per share.
The company said closing stores helped reduce expenses and thereby cut losses even with a 12 percent drop in revenue. The company opened eight factory stores and 21 satellites during the quarter, but closed 17 factory stores. With the changes, the total number of stores stands at 423.
Third quarter revenue dropped to $103.4 million, down from $117.1 million a year earlier.
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