CHARLOTTE, N.C. (AP) — Krispy Kreme Inc. on Thursday reported a loss of $40.5 million in its third quarter.
On a per-share basis, the North Carolina-based company said it had a loss of 24 cents. Earnings, adjusted for pretax expenses and stock option expense, came to 3 cents per share.
The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The doughnut wholesaler and retailer posted revenue of $407.4 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $411.7 million.
Krispy Kreme expects full-year earnings in the range of 31 cents to 34 cents per share, with revenue in the range of $1.65 billion to $1.68 billion.
Shares of the company were down 88 cents to $12.56 in Thursday trading.