Krispy Kreme Cuts Losses Greatly

Winston-Salem Journal:

Krispy Kreme Doughnuts Inc. said yesterday that it narrowed its net loss dramatically in the third quarter, an improvement it attributed to its cost-cutting turnaround plan.

However, sales continued to fall, and Krispy Kreme warned that more unprofitable stores are expected to be closed.

Krispy Kreme reported a net loss of $798,000 for the quarter ending Oct. 28, compared with a net loss of $7.2 million during its previous third quarter.

Krispy Kreme is based in Winston-Salem. Its share price closed up 69 cents, at $3.24, yesterday.

‘The third quarter was better than last quarter but certainly not good enough,’ said Daryl Brewster, the chief executive of Krispy Kreme. ‘There remains further opportunity to reduce system costs.’ Read more.