Tuesday 17 September 2019

Krispy Kreme Blanchardstown records average weekly revenues of almost €300k

People queue outside Krispy Kreme’s at 6:30.am at the official opening of Krispy Kreme’s first ever Irish store in Blanchardstown Centre last year. Photo: Leon Farrell/Photocall Ireland.
People queue outside Krispy Kreme’s at 6:30.am at the official opening of Krispy Kreme’s first ever Irish store in Blanchardstown Centre last year. Photo: Leon Farrell/Photocall Ireland.
Krispy Kreme doughnuts

Gordon Deegan

That’s a lot of dough - the record-breaking Krispy Kreme doughnut store at Blanchardstown in Dublin enjoyed average weekly revenues of almost €300,000 last year.

That is according to the business’s first set of accounts show which show that from September 29th to the end of December last Krispy Kreme Ireland Ltd recorded revenues of €3.86 million - or an average weekly revenue at the store of €293,695.

The spend by customers works out an average revenue of €41,956 per day and the stellar financial performance by the business comes as little surprise as the store’s opening was greeted by a consumer mania not seen in Ireland in recent years.

There was a queue of 300 people when the store opened its doors at 7am on its first day of operation on September 29th last when thousands of customers streamed through the doors during the first day to make opening the biggest store opening for Krispy Kreme across the world.

Soon after, the store ceased its 24/7 drive thru operation because of multiple complaints from local residents caused by endless queues of people eager for the Krispy Kreme doughnuts at all hours of the night.

During the height of the craze for the likes of the Original Glazed doughnut, residents were posting footage on social media of cars beeping their horns while motorists waited for service in the middle of the night.

A spokesman for Krispy Kreme Ireland said on Friday that the store remains “the best performing" Krispy Kreme store across the 1,300 strong network in 31 countries.

The spokesman said: “We are really pleased with how Krispy Kreme and the Theatre Store in Blanchardstown has been received by the Irish market, the store outperformed our expectations and continues to be performing successfully in 2019.”

The spokesman stated that “despite the large number of markets Krispy Kreme operate in there is one thing common to all markets - our iconic Original Glazed doughnut is the always the most popular one. We noticed  a slight preference to other flavour variants such as Lotus Biscoff and Cookies’n’Kreme in Ireland but Original Glazed was the customer’s choice here as well”.

In order to cater for the continuing insatiable demand for Krispy Kreme doughnuts, the store currently opens from 7am to 12am Monday to Saturday and 8am to 12am on Sundays while the store’s driv-thru opens from 6am to 11.30pm Monday to Sunday.

The strong revenues enjoyed by the business resulted in the firm recording operating profits of €579,000 for the 13 and a half week period of the store operating last year.

Finance charges of €34,000 reduced the profits to a pre-tax profit of €545,000. The company recorded a post tax profit of €457,000 after paying corporation tax of €88,000.

The directors’ report states that the store's premium quality doughnuts are freshly made every day with quality ingredients utilising a secret recipe.

The company’s cost of sales totalled €1.55m resulting in a gross profit of €2.3m. The profit takes account of non-cash depreciation costs of €106,000.

In terms of new store openings in Ireland, the Krispy Kreme Ireland spokesman would only say: “Whilst we have no confirmed plans we are looking to open more stores in to Ireland in the future – watch this space.”

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