Krispy Kreme reports significant revenue declines after ending partnership with McDonald’s, causing stock to drop by 7%. CEO outlines a four-part turnaround plan including refranchising, focusing on international growth, cutting costs, and pursuing long-term profitability. Company aims to reduce debt by selling Insomnia Cookies and reducing stake in joint venture.

Krispy Kreme plans to expand internationally through franchising and DFD channels in markets like South Korea and the Middle East. In the US, the company shifts focus to hot light shops over DFDs, opening first hot light theater shop in Minnesota. Marketing efforts return to promoting Original Glazed doughnut, driving incremental sales and excitement.

For the second quarter, Krispy Kreme reports net revenues of $379.8 million, down 13.5% from the previous year, resulting in a loss of $441.1 million. CEO emphasizes focus on profitable US expansion and international growth through refranchising and improving margins. Company aims to deliver sustainable, profitable growth.

Read more at Yahoo Finance: Krispy Kreme announces turnaround plan after McDonald’s partnership ends