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Krispy Kreme revenue surges ahead of planned stock market listing

Reuters logo Reuters 6/1/2021
a sign above a store: FILE PHOTO: A man walks past a Krispy Kreme "Hot Now" neon sign in Times Square in New York City © Reuters/CARLO ALLEGRI FILE PHOTO: A man walks past a Krispy Kreme "Hot Now" neon sign in Times Square in New York City

(Reuters) -Krispy Kreme reported a jump in revenue for the first quarter of 2021 as the doughnut chain readies its return to the stock market after five years, against the backdrop of rising demand for sugary snacks during the pandemic.

The company reported revenue of $321.8 million in the quarter ended April 4, compared with $261.2 million a year earlier, according to a filing for an initial public offering (IPO) that was made public on Tuesday. (https://bit.ly/3yUuGbK)

Krispy Kreme last month confidentially filed with U.S. regulators for an IPO.

The company was bought by privately owned JAB Holding Co in a $1.35 billion deal in 2016, when the investment firm was ramping up its bets on coffee and restaurant businesses.

After being cooped up at home for more than a year, vaccinated Americans are picking up their daily orders at fast-food restaurants, coffee houses and doughnut chains.

Sales have picked up at most fast-food chains in the United States, after struggling with operations limited to delivery and drive-thrus for over a year, helped in part by stimulus checks that have boosted spending.

Known for its glazed sugary treats, Krispy Kreme opened its first store in North Carolina in 1937 when it started selling doughnuts in local grocery stores. It now sells its treats in grocery and convenience stores in the United States and operates shops in 30 countries.

The company first went public in 2000, but its unit had to file for Chapter 11 bankruptcy in 2005.

J.P.Morgan, Morgan Stanley, BofA Securities and Citigroup are lead book-running managers for the offering.

Krispy Kreme plans to list its shares on Nasdaq under the symbol "DNUT".

(Reporting by Noor Zainab Hussain and Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)

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