WASHINGTON (dpa-AFX) - Krispy Kreme Doughnuts, Inc. (KKD) posted first quarter profit of $6.03 million or $0.08 per share versus $9.17 million or $0.13 per share a year ago.
Adjusted net income was $0.14 per share compared to $0.13 per share in the same quarter last year.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share. Analysts' estimates typically exclude special items.
Revenues grew to $108.5 million from $104.6 million in the prior-year quarter. Analysts estimated revenues of $111.40 million.
Company same store sales rose 2.1%.
Chief Executive Officer James Morgan commented, 'We got off to a good start in fiscal 2013 as operating income rose 11% on a 4% increase in revenues. All four of our business segments reported improved operating results compared to last year. Based on these results and other factors, we expect our business model to generate healthy cash flows and financial returns for investors, and we remain confident in our previous outlook for the full year.'
The company still estimates fiscal 2013 adjusted earnings per share to be between $0.35 and $0.41, which includes income tax expense only to the extent expected to be currently payable, compared to $0.31 in fiscal 2012. Fiscal 2013 EPS is still expected between $0.21 and $0.24, reflecting an estimated tax rate of 45%. Analysts expect earnings of $0.25 per share.
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