Doughnut maker’s profit soars — stock falls

Thursday, Aug. 21, 2003 | 9:24 a.m.

CHARLOTTE, N.C. -- Krispy Kreme Doughnuts Inc. today said second its quarter profit rose 47 percent, surpassing Wall Street's estimates, led by sales from company-owned stores.

Krispy Kreme earned $13 million, or 21 cents per share vs. $8.9 million or 15 cents in the year-ago quarter. That beat the consensus estimate of analysts surveyed by research firm Thomson First Call by a penny.

Sales increased 41 percent to $161.8 million.

But Krispy Kreme shares fell more than 4 percent to $46.86 this morning after a brokerage downgraded the stock and the Wall Street Journal ran an article questioning whether Krispy Kreme's stock was "vastly overvalued."

archive