Krispy Kreme making progress, CEO says

Jan. 31, 2007 at 1:24 PM
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WINSTON-SALEM, N.C., Jan. 31 (UPI) -- Krispy Kreme Doughnuts Inc. is making "some progress" in its turnaround after a string of accounting and managerial woes, its president said Wednesday.

"We are making the move from survival mode to stability," Daryl Brewster told the company's first annual shareholders meeting since 2004.

Krispy Kreme of Winston-Salem, N.C., plans to introduce within the next two months a whole-wheat version of its signature glazed doughnut, which will have 180 calories, or 20 fewer calories than the traditional version, The Wall Street Journal reported. The company also is working to eliminate trans fats from its doughnuts, though no timeline has been set for doing so, Brewster said.

The U.S. Securities and Exchange Commission is investigating the company's past accounting practices, and federal investigators in New York are investigating the company for possible criminal wrongdoing.

Krispy Kreme reported a net loss of about $135 million during its 2006 fiscal year, which ended Jan. 29. It narrowed those losses from the $157 million it reported at the end of the previous year.

Krispy Kreme operates 395 stores in the United States, Canada and nine other countries.

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