Krispy Kreme set to achieve goal of seven new international markets in 2023

Krispy Kreme has launched in Chile, Jamaica, Costa Rica, Kazakhstan and Switzerland this year | Photo credit: Grant Beirute

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Krispy Kreme is set to enter France and Ecuador in the fourth quarter to fulfill its goal of entering seven new markets this calendar year.

The North Carolina-based donut and coffee chain opened its first stores in Kazakhstan and Switzerland during the third quarter, adding to market entries in Chile, Jamaica and Costa Rica earlier this year. The business now operates across 37 markets.

Krispy Kreme opened 68 net new stores during the quarter to reach 2,100 outlets globally – 12.5% higher than the same period in 2022. The business also steadily increased its total points of sale to 13,394 as of the end of September 2023.

Third quarter revenue grew 8% to $407.4m, inclusive of 15% sales growth in Krispy Kreme’s International segment and 5.5% in its native US market.
 

Read related story: Krispy Kreme launches new coffee menu across the US

The donut and coffee chain’s Market Development segment, which includes international franchise businesses and company-owned locations in Japan, achieved 6% sales growth to $2.3m, driven by strong organic growth in Japan and Canada.

“The path forward for Krispy Kreme remains incredibly exciting. We expect to open in Ecuador and France in the fourth quarter taking our new market openings to seven in 2023. I could not be more excited to watch Krispy Kreme become the most loved sweet treat brand in the world and follow the company’s continued success as Josh Charlesworth takes on the CEO position in 2024,” said CEO Mike Tattersfield.

Charlesworth joined Krispy Kreme as Chief Financial Officer in 2017 before taking on roles as Chief Operating Officer and President. He assumes the CEO position from 1 January 2024.

Tattersfield, who also joined Krispy Kreme in 2017, is leaving the company to become Chairman of the Board of Director at Panera Brands. Both Krispy Kreme and Panera Brands are controlled by Luxembourg-based conglomerate JAB Holding Company.