Doughnut maker reports loss

Tuesday, May 25, 2004 | 9:13 a.m.

CHARLOTTE, N.C. -- Doughnut maker Krispy Kreme reported its first quarterly loss since going public in 2000 after warning earlier this month that low-carb diets were hurting its results.

The Winston-Salem-based chain said today it lost $24.4 million, or 38 cents a share, for its first fiscal quarter ended May 2, in contrast to a profit of $13.1 million, or 22 cents a share, a year ago.

The latest results reflected charges for its pending divestment of Montana Mills Bread Co. and for store closings.

Total sales rose 24 percent to $184.4 million from $148.7 million a year ago. Systemwide sales at stores open at least a year increased 4 percent.

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