By Karen Roman
Krispy Kreme, Inc. (Nasdaq: DNUT) said first quarter net revenue was $375.2 million, a 15.3% decline compared to $442.7 million the year prior, related to the divestiture of a majority stake in Insomnia Cookies.
The company also withdrew its full year outlook and will suspend its quarterly dividend due to macroeconomic conditions and uncertainty on the deployment schedule with McDonald’s, it said.
“Our ability to become a bigger Krispy Kreme requires that we become better, and we are taking swift and decisive action to pay down debt, de-leverage the balance sheet and drive sustainable, profitable growth,” said Josh Charlesworth, Krispy Kreme CEO.
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