Krispy Kreme has reported a net loss of $36.6m for 2023. This compares to a loss of $8.8m in the preceding year. 

For the year ended 31 December 2023, the company’s loss per share increased to $0.23 from a loss of $0.10 in 2022. 

The American coffeehouse chain witnessed a 10.2% increase in net revenue, reaching $1.7bn in 2023 from $1.5bn in the previous year.  

Its total organic revenue saw a 12.2% increase, attributed to effective marketing, growth in points of access and strategic pricing actions.  

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 11% to $211.6m, while adjusted net income, diluted, decreased to $46.2m from $49.6m.  

Adjusted diluted earnings per share (EPS) declined to $0.27 from 2022’s $0.29.  

For the fourth quarter (Q4) of 2023, Krispy Kreme’s net income stood at $1.9m, reflecting an improvement from a $1m loss in the same quarter of the previous year. 

Net revenue increased 11.4% to $450.9m from $404.6m. 

Adjusted EBITDA rose by 14.7% to $64.1m, while the company’s adjusted net income, diluted, declined by 18.8% to $15.1m.  

In Q4 2023, Krispy Kreme invested $32.8m in capital expenditures, focusing on the growth of its hub and spoke model, remodelling activities and IT capabilities.  

The capital expenditures for the full year represented 7.2% of revenue.  

The company also generated $45.5m in operating cash flow and reduced the use of vendor finance programmes by $81.7m. 

For the full year 2024, Krispy Kreme forecasts a net revenue growth of 5% to 7% and an adjusted diluted EPS ranging between $0.27 and $0.31. 

Krispy Kreme CEO Josh Charlesworth stated: “We reported strong double-digit fourth quarter and full-year organic revenue growth above our guide. 

“Our growth was driven by strong consumer demand in all sales channels and increased access to our fresh doughnuts around the world. We improved profitability as we grew, showing the productivity benefits of our unique hub and spoke operating model.”