Shares of doughnut company Krispy Kreme (NASDAQ:DNUT) are surging today after it announced better-than-expected first-quarter numbers.
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Revenue rose 12.5% year-over-year to $418.95 million, outpacing estimates by $16.8 million. EPS at $0.09 too came in ahead of expectations by $0.2. The company clocked a 23% rise in eCommerce revenue alongside a 12.5% growth in point of access during the quarter.
Further, in the U.S., its sales per hub rose by 9% to $4.6 million in Q1. Krispy Kreme continues to see growth in Japan and the international franchise market alongside gains from U.S. Krispy Kreme and Insomnia cookies.
Looking ahead, for the full-year 2023, net revenue is anticipated between $1.65 billion and $1.68 billion. EPS for the period is seen landing between $0.31 and $0.34.
Overall, the Street has a $16.14 consensus price target on DNUT alongside a Moderate Buy consensus rating. Shares of the company have already surged 43.4% so far in 2023.
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