- published: 12 Jun 2012
- views: 682
- author: FortMillTimes
Krispy Kreme opens in Indian Land.
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||This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (August 2010)|
|Type||Public (NYSE: KKD)|
|Founded||July 13, 1937|
|Headquarters||Winston-Salem, North Carolina, United States|
|Revenue||362 million USD (2011)|
|Net income||7.6 million USD (2011)|
Krispy Kreme is an international chain of doughnut stores that was founded by Vernon Rudolph in 1937 in Winston-Salem, North Carolina, United States. The parent company is Krispy Kreme Doughnuts, Inc. (NYSE: KKD), which is based in Winston-Salem.
Products are sold in Krispy Kreme stores, grocery stores, convenience stores, gas stations, Wal-Mart and Target stores in the United States. Internationally, Loblaws supermarkets and Petro-Canada gas stations in Canada along with BP Service Stations and BP Travel Centres in Australia carry Krispy Kreme. In the United Kingdom Tesco supermarkets, Tesco Extra and most service stations carry Krispy Kreme products.
||This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2007)|
Krispy Kreme's founder Vernon Rudolph and his uncle purchased Joseph LeBeouf's donut shop on Broad Street in Paducah, Kentucky along with a secret recipe for yeast-raised doughnuts in 1933 acquired from a Buffalo, New York businessman. Rudolph began selling the yeast doughnuts in Paducah and delivered them on his bicycle. The operation was moved to Nashville, Tennessee and other family members joined to meet the customer demand. Rudolph sold his interest in the Nashville store in 1937 and opened a doughnut shop in Winston-Salem, North Carolina selling to grocery stores and then directly to individual customers. The first store in North Carolina was located in a rented building on South Main Street in Winston-Salem in what is now called historic Old Salem. The Krispy Kreme logo was designed by Benny Dinkins, a local architect.
Expansion occurred in the 1950s, including an early store in Savannah, Georgia, and elsewhere in the South. By the 1960s, Krispy Kreme was known throughout the Southeast, and it began to expand into other areas. In 1976, Krispy Kreme Doughnut Corporation became a wholly owned subsidiary of Beatrice Foods of Chicago, Illinois. The headquarters for Krispy Kreme remained in Winston-Salem.
Krispy Kreme began another phase of rapid expansion in the 1990s, opening stores outside the southeastern United States where most of their stores were located. Then, in December 2001, Krispy Kreme opened its first store outside the U.S. in Mississauga, Ontario, Canada, just outside Toronto. Since 2004, Krispy Kreme has rapidly expanded its international operations.
On April 5, 2000, the corporation went public on the NASDAQ at $21 using the ticker symbol KREM. On May 17, 2001, Krispy Kreme switched to the New York Stock Exchange, with the ticker symbol KKD, which is its current symbol. The stock reached what would be its all-time high of $50 on the New York Stock Exchange in August 2003, a gain of 235 percent from its IPO price. For the fiscal year ended in February 2004, the company reported sales of $665.6 million and operating profits of $94.7 million from almost 400 stores (including international locations). The market initially considered the company as having "solid fundamentals, adding stores at a rapid clip and showing steadily increasing sales and earnings."  Since then it has since lost 75-80% of its value by 2005, amid earnings declines, as well as an SEC investigation over the company's alleged improper accounting practices.
In May 2004, the company missed quarterly estimates for the first time and suffered its first loss as a public company. Chairman and CEO Scott Livengood attributed the poor results to the low-carbohydrate diet craze, an explanation viewed with skepticism by analysts as "blaming the Atkins diet for disappointing earnings carried a whiff of desperation". It also must be noted that rival donut chain Dunkin' Donuts has not suffered from the low-carb trend over the same compared period.
Analysts suggested that Livengood had expanded the chain too rapidly after the IPO, which concentrated certain markets with too many stores. While this approach initially grew revenues and profits at the parent-company level, due to royalty payments from new franchisees which also increased sales, this reduced the profitability of individual franchisees in the long run as they were forced to compete with one another. For the 2003-04 fiscal year, while the parent enjoyed a 15 percent increase in second-quarter revenues, same-store sales increased only a tenth of a percent during that time. By contrast, McDonald's focused on profitability at the franchise level. Krispy Kreme also had supermarkets and gas stations sell carry their donuts which soon contributed up to half of the chain's sales, creating further market saturation as well as increasing competition to its franchisees. All this expansion devalued Krispy Kreme brand's novelty, by making the once-specialty donuts ubiquitous, particularly as the newer sales outlets required pre-made donuts as opposed to the ones made fresh in factory stores which alienated brand devotees.
Besides royalty payments from new stores, the parent company also enjoyed significant profits by requiring franchisees to purchase mix and doughnut-making equipment from the parent's Krispy Kreme Manufacturing and Distribution (KKM&D) division. KKM&D earned $152.7 million in 2003 which made up 31 percent of sales, with a reported operating margin of 20 percent or higher, but these mark-ups were largely at the expense of its franchisees. By comparison, rival chain Dunkin' Donuts generally avoids selling equipment or materials to its franchisees (as well as having a royalty stream based on same-store sales) which "keeps company and franchisee interests aligned."
The company has been accused of channel stuffing by franchisees, whose stores reportedly "received twice their regular shipments in the final weeks of a quarter so that headquarters could make its numbers".  Krispy Kreme was also dogged by questionable transactions and self-dealing accusations over the buybacks of franchisees, including those operated by company insiders. A report released in August 2005 singled out then-CEO Scott Livengood and then-COO John W. Tate to blame for the accounting scandals although it did not find that the executives committed intentional fraud.
On January 18, 2005, Krispy Kreme announced Stephen Cooper, chairman of financial consulting group Kroll Zolfo Cooper LLC, as interim CEO, succeeding Scott Livengood who retired as chairman, president, CEO and a director. The company also named Steven Panagos, a managing director of Kroll Zolfo, as president and COO.
Although based on informal advertising such as word-of-mouth, in 2006, Krispy Kreme moved into television and radio advertisements, beginning with its "Share the Love" campaign with heart-shaped doughnuts.
On February 19, 2007, Krispy Kreme began selling the Whole Wheat Glazed doughnut in an attempt to appeal to the health conscious. The doughnut has 83.736 kJ (20 kilocalories in most countries, or 20 Calories in the US) fewer than the original glazed (754 kJ vs. 837 kJ) and contains more fiber (2 grams vs. 0.5 grams). As of January 2008, the trans fat content of all Krispy Kreme doughnuts was reduced to 0.5 of a gram or less. The U.S. Food and Drug Administration, in its guidelines, allows companies to round down to 0 g in its nutrition facts label even if the food contains as much as 0.5 of a gram per serving. Krispy Kreme benefited from this regulatory rule in its subsequent advertising campaign, touting its doughnuts as "trans fat free" and having "0 grams trans fat!".
On July 1, 2010, Krispy Kreme introduced a doughnut that included the soft drink Cheerwine, which was to be sold in grocery stores in North and South Carolina during July. The doughnuts proved so popular the Salisbury, North Carolina Krispy Kreme location, in the town where Cheerwine is made, sold them as well, and after July 31, this was the only place to get them. The Cheerwine Kreme doughnut returned for July 2011 and made its debut in Tennessee and Roanoke, Virginia.
The first Krispy Kreme store to open outside North America was in Penrith, Australia, in Sydney. At first the operation was successful, opening 53 other stores around the country.[unreliable source?] However as of November 1, 2010 the entire Australian division went into voluntary administration, with media reports attributing this to poor sales. They have since come out of administration as of December 2010, and continued trading, with fewer stores. Besides the stores that Krispy Kreme operate in the United States and Canada, there are also locations in the United Kingdom, Australia, Lebanon, Turkey, Dominican Republic, Kuwait, Mexico, Puerto Rico, South Korea, Malaysia, Thailand, Indonesia, the Philippines, Japan, China, the United Arab Emirates, Qatar, Saudi Arabia, BahrainHong Kong (2006–2008), and Ethiopia.
In August 2011, Krispy Kreme's Japan operation planned to increase the number of stores from 21 to 94, and its Mexico operation announced the number of stores would increase from 58 to 128 in five years.
In the United Kingdom Krispy Kreme continues its expansion and has plans and funding in place to open further stores in 2012.
In 2002, Krispy Kreme opened its second store in New England in Newington, Connecticut. What followed was a period of aggressive expansion throughout the region; this included a Krispy Kreme at the Prudential Center in Boston, Massachusetts, which opened on April 15, 2004 and closed sixteen months later. Initially fueled by hype surrounding the opening of Krispy Kreme in New England, this regional expansion was followed by the closing of all but one store, at the Mohegan Sun casino in Uncasville. In January 2010 the Milford store, the first to open in the region, closed after a long decline in patronage. Some say that Krispy Kreme's coffee "left many locals unimpressed, a mortal sin in the joe-loving Hub."
Krispy Kreme also opened one store in Cranston, Rhode Island in May 2003. It is now closed after receiving initial fanfare. This may be due to dominance of Dunkin' Donuts in the state.
Krispy Kreme reentered the Arizona market when a new franchise reopened its East Mesa, Arizona, location on May 13, 2008. This location was purchased by Krispy Kreme after Rigel closed it in 2006. The new franchise owner, Dan Brinton, plans to eventually open four to five factory stores in the Phoenix market. These stores are planned to support 10 to 15 smaller non-factory stores that will only sell doughnuts and other products.
In 2002, Krispy Kreme opened a restaurant style store in the Amarillo area in Texas. Many thought that the local doughnut store was the reason the national chain closed, but this was not the case. The Amarillo Krispy Kreme closed on July 17, 2005. Krispy Kreme Round Rock closed in in 2009. However, shop 251 in Grapevine remains open, as well as two shops in El Paso and one shop in Austin.
In January 2006, Krispy Kreme terminated the donut license of Great Circle Family Foods LLC, alleging non-payment of required fees. At the time, they were one of the largest franchisees, operating 28 stores in Southern California. Preceding this action was a financial dispute by Great Circle, culminating in their September lawsuit filed against Krispy Kreme. The lawsuit was settled in July 2006 and led to the reinstatement of Great Circle's license.
On August 22, 2007, Great Circle Family Foods and some of its wholly owned subsidiaries filed for Chapter 11 Bankruptcy. Great Circle emerged from Chapter 11 on July 6, 2009, and currently operates 11 stores in Southern California.
After opening to great hype in 2000, the franchise in Reno closed suddenly on May 15, 2008. Without warning, employees were greeted with a sign on the door that morning saying "we apologize for any inconvenience." Rising fuel costs were cited as the primary reason for the closure.
The 18 stores which opened in Canada, out of 32 planned, have been reduced to four. Two of those exist in Quebec (in Longueuil and Quebec City) while the other two stores are in Mississauga, Ontario and Delta, British Columbia. A small seasonal store was recently opened in Wasaga Beach, Ontario. The Wasaga Beach location receives its doughnuts from the Mississauga store every morning. Another small store recently opened on November 3, 2010 in Toronto at Bathurst and Harbord Streets in the city's Harbord Village neighborhood. This store receives shipments from the Mississauga store. Krispy Kreme's Canadian assets were put up for sale in 2005 seven weeks after the U.S.-based doughnut company had the firm that owns and operates stores in Canada placed under bankruptcy protection. The Canadian operations are managed under the franchisee Krispy K Canada Company of Mississauga, Ontario.
In November 2006, Krispy Kreme opened the flagship store in the Philippines. These stores are franchise owned like many others.The development deal for the franchise is awarded to the Real American Donut Company, Inc., a company owned and operated by the principals of Max's Restaurant. The original franchise agreement is for 30 stores over the next five years.
The flagship store was officially opened on November 30, 2006, at the Bonifacio High Street in Fort Bonifacio, Taguig City. The second store was opened on December 21, 2006 at SM Megamall in Mandaluyong City. The third store was opened on June 28, 2007 at Greenhills Shopping Center in San Juan City, it is the first Krispy Kreme drive-thru outlet in Asia and the first free-standing store in the Philippines. Branches in SM Mall of Asia and Trinoma opened October 2007. Three more branches opened in 2008 at Robinsons Galleria in Quezon City. Another factory and drive-thru store in SM Mall of Asia in Pasay City, the 9th store opened in Gateway Mall, Araneta Center, and a 10th in Glorietta 4, Makati City. There are also four branches located in the provinces with one branch at Marquee Mall in Angeles City, Pampanga, two branches at Ayala Center Cebu and Asiatown IT Park in Cebu City, and one branch at SM City Davao, Davao City.
Krispy Kreme Doughnuts Japan operates 27 shops throughout the country.
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