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About Krispy Kreme

Krispy Kreme

Krispy Kreme Doughnuts, Inc. is an American global doughnut company and coffeehouse chain based in Winston-Salem, North Carolina. Krispy Kreme founder Vernon Rudolph bought a secret yeast-raised recipe from a New Orleans chef, rented a building in what is now historic Old Salem in Winston-Salem, NC, and began selling to local grocery stores.

History

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Krispy Kreme Corporate Offices
Krispy Kreme delivery truck, circa 1939
Krispy Kreme Doughnuts

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 New Orleans French Chef. 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.

Growth

File:Krispy Kreme donuts (stabilized).ogvPlay media
Krispy Kreme donuts being prepared (high quality)

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, now including almost 100 stores in Mexico alone.

IPO and accounting scandals

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 ending 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.

Management shuffle

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.

A turnaround plan in December 2005 aimed to close unprofitable stores in order to avoid bankruptcy.
New offerings and changes

In 2003, a pilot project in Mountain View, California, to sell doughnuts through car windows and sunroofs at a busy intersection (with wireless payment) failed.

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.

International operations

Krispy Kreme store in Portsmouth, England
Main article: Krispy Kreme operations by country

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.[25][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.[citation needed] Since 2012, Krispy Kreme doughnuts have been available through all 7-Eleven stores in the eastern states of Australia after announcing partnership with Krispy Kreme Australia in late 2011.

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