* Cuts 2015 profit outlook to $0.69-$0.74 per share from
* 1st-qtr revenue $121.58 mln vs est. $126.68 mln
(Adds details, updates share movement)
June 2 Krispy Kreme Doughnuts Inc cut
its full-year adjusted earnings forecast as recent management
changes and technology upgrade weigh on costs, and reported
lower-than-expected revenue for the first quarter.
Shares of the company were down as much as 10.6 percent in
The company appointed former Papa John's International Inc
chief Anthony Thompson as chief executive last month.
It also appointed a new senior vice president of human
The company cut its fiscal 2015 adjusted earnings forecast
to 69-74 cents per share from 73-79 cents.
Analysts on average were expecting earning of 78 cents per
share, according to Thomson Reuters I/B/E/S.
Krispy Kreme, which distributes doughnuts to grocers, mass
merchants and convenience stores, said extreme weather
conditions in February and March prevented customers from
visiting its stores and affected deliveries to wholesale
Company same-store sales fell 1.5 percent for the first
quarter ended May 4.
Krispy Kreme said revenue for the first quarter rose 0.79
percent to $121.58 million, missing the average analyst estimate
of $126.68 million.
Net income rose to $9.65 million, or 14 cents per share, for
the quarter ended May 4, from $7.99 million, or 11 cents per
share, a year earlier.
Excluding items, the company earned 23 cents per share, in
line with estimates.
Krispy Kreme's shares closed at $19.00 on the New York Stock
Exchange on Monday.
(Reporting by Shailaja Sharma in Bangalore; Editing by Don