Krispy Kreme shares plunged nearly 25% after the company withdrew its full-year guidance and suspended its quarterly dividend, according to The Wall Street Journal. The doughnut chain cited economic uncertainty and a delayed rollout of its McDonald’s partnership. Krispy Kreme widened its loss in the first quarter to 20 cents a share, compared with its loss of 5 cents a share in the prior-year period. On an adjusted basis, the loss was 5 cents per share, in line with expectations.Revenue fell 15% to $375.2 million, missing the $384.4 million forecast, primarily due to the prior divestiture of Insomnia Cookies. Krispy Kreme now expects Q2 revenue between $370 million and $385 million, below FactSet’s $393.9 million estimate.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Krispy Kreme shares plunged nearly 25% after the company withdrew its full-year guidance
00:07and suspended its quarterly dividend, according to the Wall Street Journal.
00:10The donut chain cited economic uncertainty and a delayed rollout of its McDonald's partnership.
00:15Krispy Kreme widened its loss in the first quarter to $0.20 a share,
00:19compared with its loss of $0.05 a share in the prior year period.
00:22On an adjusted basis, the loss was $0.05 per share, in line with expectations.
00:26The revenue fell 15% to $375.2 million, missing the $384.4 million forecast,
00:32primarily due to the prior divestiture of Insomnia Cookies.
00:35Krispy Kreme now expects Q2 revenue between $370 million and $385 million,
00:40below fact-sets' $393.9 million estimate.
00:43For all things money, visit Benzinga.com slash GSTV.