Krispy Kreme Doughnuts Inc. (NYSE: KKD) reported a smaller third-quarter loss Monday on fewer charges and lower expenses, according to Associated Press.
The doughnut chain, which has been criticized in the past for expanding too rapidly, has set its sights on opening small retail shops in the U.S. It has five such shops to date and plans to open five more in Virginia and Tennessee.
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Krispy Kreme has also continued to expand oversees, with 15 locations opened abroad by international franchisees during the quarter.
The company lost $2.4 million, or 4 cents per share, for the period ended Nov. 1. That compares with a loss of $5.9 million, or 9 cents per share, a year earlier.
Prior-year results included a charge of $900,000, or a penny per share, related to a franchisee loan.
Revenue slipped 11 percent to $83.6 million from $94.3 million.
Krispy Kreme cut its direct operating expenses to $74.4 million from $87.1 million and reported reduced impairment charges and lease termination costs of $104,000 compared with $345,000 a year ago.
The company has more than 560 locations in 18 countries.
Krispy Kreme's stock shed 24 cents, or 7.1 percent, to $3.14 in midday trading. The shares have traded in a range of $1.01 to $4.75 over the last year.
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