Krispy Kreme CEO on partnership with McDonalds

Krispy Kreme (DNUT) reported its first quarter earnings, topping Wall Street expectations as net revenue grew 5.7% to over $442 million. CEO and President Josh Charlesworth joins Catalysts to discuss the donut chain's growth and future as other fast food chains experience a slump in consumer demand.

The company recently announced a partnership with McDonald's (MCD) to expand its reach and bring in potential new customers. Krispy Kreme tested the initiative in 160 stores, and consumer demand exceeded expectations. Charlesworth tells Madison Mills and Brooke DiPalma that the company is confident about its national rollout.

Krispy Kreme is also expanding outside the United States. The company is available in 39 countries and recently announced an expansion in Germany.
Regarding Krispy Kreme's in-store strategy, Charlesworth explains that the company is not focused on the frequency of customer visits. "People look to Krispy Kreme for a real special moment of joy, maybe to enjoy themselves, but actually usually to share and give to others," he explains, adding, "We don't base our business off of a habitual daily treat. Instead, we want to make it more convenient for people and we want to keep reminding them of the joy that's Krispy Kreme."

As consumer spending remains relatively weak due to inflation, Charlesworth says the company is "focused on making sure that the donuts are really top of mind and unique." Krispy Kreme has been pushing new donuts and marketing new promotions to get customers in the door.

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