Krispy Kreme has finished the third quarter of 2023 with a US$407.4 million net revenue, an increase of 7.9 per cent compared to the third quarter of 2022, continuing its year-over-year growth for 2023.
Global expansion of the company continued in the last quarter with new stores opening in Kazakhstan and Switzerland, while Insomnia Cookies, a Krispy Kreme owned bakery chain, expanded into the United Kingdom and Canada.
CEO Mike Tattersfield says the profits reflect the strength of the Krispy Kreme team, the business model of the company and its strong brand.
“We delivered the joy that is Krispy Kreme through powerful specialty doughnut offerings including the popular M&Ms collection, which was available in 17 countries, our extremely successful limited time offering with Pumpkin Spice, and an innovative new partnership with Hailey Bieber to promote her Krispy Kreme inspired strawberry glazed peptide lip treatment,” Tattersfield says.
He believes the positive results will continue into the fourth quarter with store openings in Ecuador and France, a Halloween Scooby-Doo offering, a continued partnership with McDonald’s and more growth in Global Points of Access (all locations at which Krispy Kreme products can be bought).
“I could not be more excited to watch Krispy Kreme become the most loved sweet treat brand in the world,” Tattersfield says.
The company also reported that organic revenue grew to US$400.3 million, a 9.6 per cent increase compared to the 2022 third quarter.