Krispy Kreme, Inc. reported a total revenue of $1.665 billion for the fiscal year ending December 29, 2024, reflecting a decrease of 1.2% compared to $1.686 billion in the previous fiscal year. The decline was primarily attributed to the divestiture of Insomnia Cookies, which accounted for a $101 million reduction in revenue. Despite this, the company achieved organic revenue growth of 5.0%, driven by increased availability through its omni-channel strategy, which included the addition of 3,410 new Global Points of Access, bringing the total to 17,557.
The company's net income for the fiscal year was $3.8 million, a significant recovery from a net loss of $36.6 million in the prior year. This turnaround was aided by a gain of $90.5 million from the divestiture of Insomnia Cookies, which was recorded as a non-operating item. Adjusted EBITDA for the year was $193.5 million, down 8.6% from $211.6 million in fiscal 2023, reflecting challenges such as increased operating expenses and the impact of a cybersecurity incident that resulted in an estimated $11 million in lost revenue.
Strategically, Krispy Kreme has focused on expanding its digital and delivery channels, with notable partnerships, including a collaboration with McDonald's to sell Krispy Kreme doughnuts in their restaurants. The rollout is expected to continue through fiscal 2026, with over 1,900 McDonald's locations already participating. Additionally, the company opened its first franchise shops in Morocco and plans to expand into Brazil, Spain, and Germany, further enhancing its international presence.
Operationally, Krispy Kreme's U.S. segment saw a revenue decline of 4.2%, while the International segment grew by 6.0%. The company reported a total of 2,078 Krispy Kreme-branded shops globally, with 875 being company-owned. The workforce also expanded, with approximately 21,000 employees as of the end of the fiscal year. Looking ahead, Krispy Kreme aims to leverage its Hub and Spoke model to enhance efficiency and profitability, while continuing to invest in new shop openings and digital capabilities to drive growth.
About Krispy Kreme, Inc.
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