On this page of StockholderLetter.com we present the latest annual shareholder letter from Krispy Kreme, Inc. — ticker symbol DNUT. Reading current and past DNUT letters to shareholders can bring important insights into the investment thesis.

 •  4/28/2025 Letter Continued (Full PDF)
 •  4/28/2023 DNUT Stockholder Letter
 •  4/24/2024 DNUT Stockholder Letter
 •  More "Grocery & Drug Stores" Category Stockholder Letters
 •  DNUT Benford's Law Stock Score = 100

DNUT Shareholder/Stockholder Letter Transcript:

2024
Annual Report


UNITED STATES
SECURITIES AND E,CHANGE COMMISSION
+ashington, D.C. 20549
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FORM 10-K
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 Mark One 
  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 29, 2024
  TRANS
R
ITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from 4444 to 4444
4
Commission file number: 001-40573
Krispy Kreme, Inc.
(Exact name of registrant as specified in its charter)
Delaware
37-1701311
(State or other jurisdiction of incorpor
r ation)
(IRS Employer Identific
f ation No.)
2116 Hawkins Street, Charlotte, North Carolina 2 203
(Address of principal executive offices)
  00  457-4779
(Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol s 
Name of each exchange on which registered
Common stock, $0.01 par value per share
DNUT
Nasdaq Global Select Market
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defin
f ed in Rule 405 of the Securities Act. Yes  
No  
Indicate by check mark if the registrant is not required to ffile reports pursuant to Section 13 or Section 15(d) of the Act. Yes  
No  
Indicate by check mark whether the registrant (1) has filed all reports required to be ffiled by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or ffor such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for
f the past 90 days.
Yes   No  
Indicate by check mark whether the registrant has submitted electronically every
r Interactive Data File required to be subm
u itted
pursuant to R
Rule 405 of Regulation S-T (Q 232.405 of this chapt
a er) dduring the preceding 12 months (or ffor such shorter period
that the registrant was required to submit such files).
Yes   No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the defin
f itions of    large accelerated filer,       accelerated filer,   
   smaller reporting company,    and    emerging growth company    in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Non-accelerated filer


Accelerated filer
Smaller reporting company
Emerging growth company


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised ffinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant has file
f d a report on and attestation to its management   s assessment of the
effe
f ctiveness of its internal control over ffinancial reporting under Section 404(b) of the Sarba
r nes-Oxley Act (15 U.S.C.
7262(b)) by the registered public accounting ffirm that prepared or issued its audit report.  
If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial
statements of the registrant included in the filing refle
f ct the correction of an error to previously issued financial statements.  
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentivebased compensation received by any of the registrant   s executive offi
f cers during the relevant recovery period pursuant to Q
240.10D-1(b).  
Indicate by check mark whether the registrant is a shell company (as defined in Rul
R e 12b-2 of the Act). Yes   No  
f liates of the registrant as of the end of the registrant   s most recently
The aggregate market value of voting stock held by non-affi
completed second fiscal quarter, based on the closing price of $10.76 for shares of the registrant   s common stock as reported by
the Nasdaq Global Select Market, was appr
a oximately $968.0 million. Shares of common stock benefic
f ially owned by each
executive officer, director, and holder of more than 10% of our common stock have been excluded in that such persons may be
deemed to be affi
f liates. This determination of affiliate status
t is not necessarily a conclusive determination for
f other purpos
r es.
The registrant had outstanding 170.3 million shares of common stock as of February
r 14, 2025.
DOCUMENTS INCORPORAT
R ED BY REFERENCE
f itive Proxy Statement ffor the registrant   s Annual Meeting of Stockholders, which will be filed with the
Portions of the defin
Securities and Exchange Commission no later than 120 days afte
f r December 29, 2024, have been incorpor
r ated by reference into
Part III of this Annual Report on Form 10-K.

Table of Contents
Pages
PART I
Item 1.
Item 1A.
Item 1B.
Item 1C.
Item 2.
Item 3.
Item 4.
Business
Risk Factors
Unresolved Staff Comments
Cybersecurity
Properties
Legal Proceedings
Mine Safety Disclosures
3
13
31
32
32
32
PART II
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
Item 9C.
Market for Registrant   s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities
Reserved
Management   s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures About Market Risk
Financial Statements and Supplementary Data
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Controls and Procedures
Other Information
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
PART III
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
Directors, Executive Officers and Corporate Governance
Executive Compensation
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Certain Relationships and Related Transactions, and Director Independence
Principal Accountant Fees and Services
PART I*
Item 15.
Exhibits and Financial Statement Schedules
Item 16.
Form 10-K Summary
Signatures
33
34
35
55
56
108
108
109
109
110
110
110
110
111
113
114
2



 4/28/2025 Letter Continued (Full PDF)