Krispy Kreme Earnings: Declining Same Store Sales, Doughnut Sundaes

On paper, Krispy Kreme's (KKD) first fiscal quarter loss was 12 cents per share, or 2 cents worse than a year ago. But if you factor in a one-time gain of $14.9 million tied to the settlement of a class action lawsuit, the loss was really 36 cents per share, a 3 cent improvement from the fourth quarter.

(That's based on shares outstanding in the company's recent 10-K because Krispy Kreme doesn't include the share count in its earnings release.)

That's not all: While pointing out the "challenges" the company still faces -- the dreaded "c" word, as I like to call it -- he refers to an improvement in average weekly sales per company store. For the company as a whole, however, they slipped slightly for the entire system, of which company-owned stores account for 29%.

Then there are same-store sales: Down 2.4% for combined company-owned and non-company-owned -- and that's after closing what supposedly were the bad stores.

Finally: At the company's annual meeting, according a Dow Jones report, Krispy Kreme says it's planning to test "proprietary" ice cream in stores in cones, cups and shakes. And a doughnut sundae.

Ice cream?!

A doughnut sundae?!!

You thinking what I'm thinking?

The beat goes on...