DEF 14A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )

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Filed by a Party other than the Registrant ☐

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☐		Preliminary Proxy Statement

☐		Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒		Definitive Proxy Statement

☐		Definitive Additional Materials

☐		Soliciting Material Pursuant to §240.14a-12

Krispy Kreme, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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☐		Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

LOGO

April 24, 2024

Dear Stockholders,

I am so excited for what is ahead of us at Krispy Kreme and our strategy is clear: To make our fresh doughnuts available in more places and to keep reminding people of the joy that is Krispy Kreme, not just to eat but to share and give to others.

We made great progress on this in 2023 with strong consumer demand and increased access to our fresh doughnuts in both existing and new markets around the world. We also improved profitability as we grew, demonstrating the productivity benefits of our unique Hub and Spoke operating model.

Here are several important 2023 performance results:

•

We reported strong financial results in 2023, delivering net revenue growth of 10.2% and organic revenue growth of 12.2%, driven by growth with all markets and channels growing sales.

•

We expanded profit margins by leveraging existing production hubs to support our growth, especially in the U.S., where operating leverage was strongest.

•

Our ongoing strategy is to scale the business efficiently by adding more fresh points of access. At the end of 2023, the number of places where you could buy our melt-in-your-mouth fresh doughnuts had grown 19.5% to 14,100.

In 2023, the brand delivered very impressive results, finishing the year with more than 40 billion media impressions reflecting how well Krispy Kreme’s fresh and innovative doughnuts resonated with the consumer.

Ecommerce continued to play a big role within our business, growing to 19.3% of retail sales, and we ended the year with 15 million loyalty members as well as important operational improvements to our website, app and in shop availability.

Operating in 39 countries, we successfully opened in seven new ones last year: Chile, Costa Rica, Ecuador, France, Jamaica, Kazakhstan and Switzerland. Notably, our Paris opening represented a record-breaking launch during the fourth quarter. This shop was our best performing shop worldwide on a sales basis in December.

The continued expansion of our Delivered Fresh Daily model increased profitability year-over-year with Adjusted EBITDA¹ margin improving 10 basis points to 12.6%. During the year, we also scaled our supply chain, built a support team, added technology and new equipment, and enhanced field training to support the channel’s expansion.

At the end of 2023, we also published our inaugural Be Sweet Responsibility Report, which was a detailed, data-driven analysis of the brand’s progress and future goals tied to three key pillars of responsibility: Loving Our Krispy Kremers, Loving Our Communities, and Loving Our Planet. This represented our commitment to drive positive impact. For all of us at Krispy Kreme, being sweet is an ongoing mission, and we’ll keep striving to make a positive difference in the long-term.

¹	See Appendix A for reconciliation of GAAP to Non-GAAP presentations.

Our Focus for 2024: A Bigger and Better Krispy Kreme

Krispy Kreme has started the year by continuing to expand availability of our doughnuts around the world including in our newer sales channels like club stores and quick service restaurants where we are creating operating leverage through distribution density and production utilization. We are also ensuring we have quality fresh doughnuts in every channel every day, offering new and exciting specialty premium doughnuts and updating our digital commerce capabilities. Together, these steps will result in high quality, profitable growth, and a bigger and better company.

I want to close by expressing my heartfelt gratitude again to my predecessor Mike Tattersfield for his passion, leadership, and dedication to our Krispy Kremers and the business during the last few years. It’s an honor and a privilege to lead this incredible team and company.

To our stockholders, thank you for your trust in our strategy and execution.

Josh Charlesworth

President and CEO

Krispy Kreme

Notice of 2024 Annual Meeting of Stockholders


To Our Stockholders, Notice is hereby given that the virtual annual meeting of stockholders (the “Annual Meeting”) of Krispy Kreme, Inc., a Delaware corporation (“KKI”), will be held on June 18, 2024, at 10:00 a.m. ET. You can virtually attend the Annual Meeting online at www.proxydocs.com/DNUT or vote your shares electronically online at www.proxypush.com/DNUT or via telephone at 1-866-475-0865. Submit questions online during the meeting by visiting www.proxydocs.com/DNUT and entering the control number provided on your proxy card, voting instruction form, or Notice of Internet Availability of Proxy Materials. Items of Business 1. To elect 11 directors to hold office for a one-year term and until their respective successors shall have been duly elected and qualified; 2. To approve an advisory resolution regarding KKI’s executive compensation; 3. To ratify the appointment of Grant Thornton LLP as KKI’s independent registered public accounting firm for fiscal year 2024; and 4. To transact such other business as may properly come before the Annual Meeting or any adjournment thereof. Who May Vote: Stockholders of KKI common stock at the close of business on April 19, 2024. A list of stockholders will be accessible prior to the Annual Meeting upon request from the Corporate Secretary and during the Annual Meeting by visiting the meeting website referenced above. Distribution Date: A Notice of Internet Availability of Proxy Materials or the Proxy Statement is first being sent to stockholders on or about April 24, 2024. If your shares are held in the name of a bank, broker, or other nominee, follow the instructions you receive from your bank, broker, or other nominee on how to vote your shares. Your vote is very important. To ensure your representation at the Annual Meeting, please complete and return the enclosed proxy card or submit your vote through the Internet or by telephone. Whether or not you plan to attend the meeting, we urge you to vote. Catherine Tang Corporate Secretary WHETHER OR NOT YOU PLAN TO VIRTUALLY ATTEND THE ANNUAL MEETING, YOU MAY VOTE AND SUBMIT YOUR PROXY ELECTRONICALLY, BY TELEPHONE OR BY REQUESTING A PRINTED COPY OF THE PROXY MATERIALS AND COMPLETING AND RETURNING BY MAIL THE PROXY CARD YOU WILL RECEIVE IN RESPONSE TO YOUR REQUEST.		Meeting Information
	Date: Time:	June 18, 2024 10:00 a.m., Eastern time
	Location:	Virtual Meeting www.proxydocs.com/DNUT
	How to Vote
		Via the Internet visit www.proxypush.com/DNUT
		By Telephone call 1-866-475-0865

SEC Form DEF 14A filed by Krispy Kreme Inc.