Krispy Kreme (DNUT, Financial) is experiencing significant challenges, trading at all-time lows after missing Q4 earnings and revenue estimates. The donut maker's FY25 EPS and revenue guidance also fell short due to a cybersecurity incident that occurred during a critical period in late November. This incident cost the company approximately $11 million in Q4 sales and $10 million in adjusted EBITDA. Although systems are restored, DNUT expects additional costs in FY25 from operational inefficiencies and cybersecurity fees.
Adding to the difficulties, consumer spending remains sluggish, impacting DNUT's outlook. Despite this, the company anticipates positive revenue growth in FY25, driven by its DFD (delivered fresh daily) network expansion, particularly with partners like McDonald's (MCD, Financial), Target (TGT, Financial), and Kroger (KR, Financial). However, this growth is expected to be unprofitable due to margin compression from the cybersecurity incident and long-term investments.
The main takeaway is that the unexpected severity of the cybersecurity incident has further dampened investor sentiment, already affected by concerns over weak consumer spending trends.
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