Krispy Kreme reported a surge in revenue for 2021’s first quarter. Accelerated vaccinations and recovering demand for sugary snacks during the pandemic are predicted to boost the company’s revenue. The news could further help bring the company in a good light ahead of its upcoming initial public offering (IPO) plan.
The company revealed the revenue for the quarter ended April 4 reached $321.8 million, Reuters quotes. In comparison, one of the most sought after doughnut companies only recorded $261.2 million a year earlier.
Noted from Reuters, Krispy Kreme has confidentially filed its public listing with US regulators since last month.
Krispy Kreme is currently a privately owned company by JAB Holding Co. The investment firm bought the doughnut company for $1.35 billion back in 2016 when it was betting on coffee and restaurant businesses.
Sales are going better for most fast-food chains in the United States, including Krispy Kreme. Previously, sales for the doughnut company slowed down due to limited operations. For over a year, Krispy Kreme could only limit their operation on deliveries and drive-throughs.
Accelerated vaccinations in The United States surely contributed a lot to the rising sales. Vaccinated Americans have started to brave themselves to pick up their daily orders at fast-food restaurants, coffee houses and doughnut chains.
Krispy Kreme: the second chance
Krispy Kreme’s journey started in 1937. The first store in North Carolina served doughnuts in local grocery stores. Decades later, the local confectionary grew into one of the biggest shops with its glazed sugary treats as the best sellers.
This is Krispy Kreme’s first attempt to reach the public market. Its first public listing back in 2000, unfortunately, ended with Chapter 11 bankruptcy five years later.
For Krispy Kreme’s offering, JP Morgan, Morgan Stanley, BofA Securities and Citigroup reportedly will act as the lead book-running managers. Krispy Kreme will take the symbol “DNUT’ for its listing in Nasdaq.