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THE KRISPY KREME outlet in Blanchardstown recorded average weekly revenues of almost €87,000 last year in spite of the store being temporarily shut down by the Covid-19 pandemic.
That is according to new accounts for Krispy Kreme Ireland Ltd which show that the business continued to make strong profits in spite of the pandemic impacting operations for 10 months of the year under review.
The accounts for the record breaking doughnut selling store show that pre-tax profits declined by 31.5pc to €1.247m for the 53 weeks to the end of 3 January this year.
The drop in pre-tax profits followed revenues decreasing by 30pc from €6.59m to €4.6m or an average weekly revenue of €86,924 across the 53 weeks.
The Blanchardstown store shut down between March and May last year in line with Government restrictions aimed at halting the spread of Covid-19 and the company received €121,000 in Temporary Wage Subsidy Scheme (TWSS) payments.
According to the directors, the business was able to re-open in May 2020 and despite being impacted by the pandemic during the year the business “has remained profitable in 2020 and is able to look forward to a future of investment and growth”.
The company currently has a planning application before Dublin City Council for signage concerning an outlet at Central Plaza on Dublin’s Dame Street for opening “circa Christmas 2021 subject to planning permission being granted”.
The company is also planning to open a store this Winter at the Swords Pavilion Shopping Centre in north Dublin.
Last year, the company paid out a dividend of €1.66m.
The directors state that the business “began 2020 from a sound base of growing revenue, strong profitability and high levels of cash generation”.
The opening of the Blanchardstown store on September 26th 2018 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 26th 2018 when thousands of customers streamed through the doors during the first day to make the opening the biggest store opening for Krispy Kreme across the world at the time.
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.
The directors state that the business makes freshly made doughnuts every day with quality ingredients, utilising a secret recipe.
The company recorded a post tax profit of €1.07m last year after paying corporation tax of €175,000.
The company’s earnings before interest, depreciation, tax and amortisation (EBITDA) last year totalled €1.76m compared to €2.39m in 2019.
Numbers employed in sales and manufacturing last year declined from 85 to 55. On 3 January last, the company’s accumulated profits stood at €1.44m while its cash funds amounted to €817,000.
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Fascinates me, not playing the poor me as I am lucky to have kept my company going but…. they took in an average of 87k per week and got 121k in government assistance….. I got a tax bill and may get a 100 euro voucher but I am not sure if that was passed in the budget.
@Sarah Lou: Some businesses who weren’t hit by the pandemic as hard as they expected are now being tapped on the shoulder by Revenue who are looking for some level of repayments from 56% of employees. I don’t know but I’m guessing KK might fall into this bracket.
@Sean: *employers* that should have said
@Sarah Lou: I know nothing of shops etc, but are you employing staff? Are you paying rates or commercial charges etc ? We want all these businesses to survive thats why they got subsidies, and remember a fair bit of it goes straight back into the tax coffers in one form or another..
@Patricia O’Reilly: I am sorry Patricia but are you alluding that this business, selling donuts with an income of 87k per week for the same year they received 121k in government support was more deserving of it than my company that you literally have absolutely no idea even what industry it was in, how it has been affected etc? I mean I dont know where to start with that. It would however have been nice to have been given some financial recognition in the budget even 1% tax back!
@Sean: Glad to hear they are recouping some of the losses, I feel bad for people having to unexpectedly pay it but its great that they didnt make their predicted losses and a lot of the past year came down to honesty, particularly at the beginning it was a free for all.
@Sarah Lou:
And how much of that 87k, each week, goes to workers — who actually do the work — than to the ceo wage.
Low paid workers = more profits hoarded in society by the businessman.
@Dean: as Patricia, it is her who feels it very important they are kept going!
@Dean: you seem to have a problem with business owners making a profit, in your eutopia should the workers also pay an equal share of losses in a lose making business?
@Sarah Lou: heart attack food
And there is poverty????
@Seán Ryan: yes there is. The is obesity also
@Mattress Dick: the Americans contributing to obesity in Ireland, who’d have guessed?
@Alan Peters: lol I think we are doing a great job on that ourselves.. can’t blame America foe having great doughnuts..
wish I lived close by.. yummm
@Mattress Dick: Absolutely Agree, how many covid /cancer deaths can be attributed to obesity and the overload of suger in our Western diet? People need to be aware of it
@Alan Peters: Just like Chinese people are responsible for Covid
That is a sad story. No wonder obesity is a huge problem here (pardon the pun)
@Carm(Orange Vampire): where’s the pun?
@Joey Navinski: duh, I get it now. Sorry.
@Carm(Orange Vampire): true abiut obesity and obviously going to get worse…..
Lol avoided saying grow or expand or inflate , or…
They are all at it these days with their secret recipes – KFC, McDonalds. Please! It’s not that hard to make a donut! It’s just basically flour, eggs, butter, a drop of vanilla. People have been making them for years. Let’s not pretend KK invented them!
@Sean: ah no, you’ve given away their secret, they’re definitely going to go out of business now
@Sean: they put a bit of extra sugar in their icing that’s about as secret as it gets
@Sean: they aren’t even nice, they taste like pure sugar. Irish businesses like Off Beat or the Rolling Donut are much better.
@Alan Peters: well they actually put a lot of extra things in them to alter the taste and texture, etc, like most processed food though if you listed all the ingredients you’d put more people off than you would entice
@Sam Harms: doughnuts in general are pure sugar and they are all yummm
@Sam Harms: I actually agree that they are too sweet and a lot of confectionery and baking in Ireland overdoses on the sugar. Personally I avoid these donuts in the main because of that but also don’t want a weeks worth of calories in one bite. You would have to run for 25 minutes on a treadmill to burn off the calories in one original glazed donut and some of the special varieties have double that.
@Sean: Have you tasted a KK donut? It’s like comparing a bottle of Lidl wine to a 200 year old Bordeaux?
@Sean: you need to add in all those E numbers. That’s the secret ingredient
@Sean: I wouldn’t eat them much either maybe once or twice a year but if I do if go for Offbeat over Krispy Kreme any day. Glazed donuts are disgusting though, Boston creme all the way!
Very sad to see this. How easily people are influenced by fads and hype.
How it is normalised to eat more than one of these in a sitting.
It is foods like this that are contributing to irelands obesity crisis, putting serious pressure on the health system, there should be warnings on this type of food or at least government sponsored information campaigns. If we could get the country to drastically change our eating habits we would go a long way to improving health increasing lifespan and reducing strains on hospitals.
The workers are probably constantly swamped, understaffed, and on minimum wage too.
@Tomo: Probably? They could also be the best best employers? But let’s go with the negative view, might make us feel better…..
@Tony Harris: With the highest proportion of workers in low income in the EU, it is actually quite probable or more than likely.
Any wonder 90% of us are predicted to be overweight or obese by 2030. KK has a stand in my local Tesco. Any time I’m in there there’s a queue of teens buying boxes of the stuff
All dough there was love there there was dough there to dough.
@Brian Farrell: *two ;)
@Fachtna Roe: too
give me a polish jam doughnut any day of the week over this . they look horrible. never eaten one so maybe they are nice.
@ed w: jam doughnuts have a bit too much going on for me, a bit messy too, prefer a nice simple glazed one, it’s like butter and toast, simple but just something about it makes it the best
Fatties go to KK
And then they’ll tell you sugar isn’t addictive. I’ve kicked alcohol and tobacco to the curb . This stuff is like kryptonite to me. I return to it even though it makes me feel nauseous afterwards. Not rational behaviour.
Fat Ireland!
I do-not believe it
Everyone is gone dough nuts :)
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