Krispy Kreme Plummets After Packaged Goods Sell Poorly
- Shares fall 12%, the biggest one-day drop since June 2014
- Doughnut seller is facing more competition in shops, grocery
This article is for subscribers only.
Krispy Kreme Doughnuts Inc. fell the most in more than a year after slow sales of packaged-food products hurt results and prompted the company to cut its annual earnings forecast.
The doughnut chain posted quarterly sales and profit on Wednesday that missed analysts’ estimates. Revenue was $127.3 million, the company said in a statement. Analysts projected $132 million, on average. Excluding some items, profit was 15 cents a share, trailing analysts’ 19-cent estimate.