Krispy Kreme eyes Irish expansion as revenues top €10m

The Irish arm of doughnut maker Krispy Kreme is eyeing further expansion after its revenues in the State last year topped €10 million for the first time.

New accounts show that expansion costs last year contributed to Krispy Kreme Ireland Ltd recording a pretax loss of €415,000, which followed a pretax profit of €1.16 million in 2021.

In the 12 months to the end of January 1st this year, the business’s revenues surged by 43 per cent from €6.98 million to €10.01 million. This equates to an average weekly revenue of €192,634.

The company continued to grow its retail estate, operating in 10 locations as its financial year closed and adding to this in the current year. It now has outlets in locations including the Pavilions Shopping Centre in Swords, Co Dublin, Liffey Valley in Dublin and Dame Street in Dublin. It also offers delivery with partners.

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Krispy Kreme opened its first Irish outlet in Blanchardstown in Dublin in 2018.

Directors said the company grew last year “despite a challenging economic market environment with significant cost pressures in all input cost lines” and they looked ahead to the business further growing its footprint.

They flagged high inflation in the State, noting that they had addressed this through initiatives such as locking in contracts for input price stability and implementing price increases.

The company recorded earnings before interest tax depreciation and amortisation of €819,000.s

The opening of new stores contributed to numbers employed more than doubling from 73 to 154.

On January 1st this year, the company’s accumulated profits stood at €2.04 million while its cash funds totalled €467,000.