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1、ISSUESINACCOUNTINGEDUCATIONAmericanAccountingAssociationVol.25,No.1DOI:10.2308/iace.2010.25.1.852010pp.85–118FinancialAnalysisofKrispyKreme’sEarningsForecasts,JointVentureInvestments,andFranchiseRepurchasesMichaelCalegariABSTRACT:Likemanyrestaurantchains,KrispyKrem
2、eDoughnutsearnsrevenuesfrombothcompany-ownedstoresandfromfranchisee-ownedstores.FollowingitsApril2000IPO,KrispyKremeDoughnutsenteredintoseveraljointventureswithfranchiseestodevelopnewstores.Insomesituations,theCompanyalsore-acquiredfranchiserightsfromitsfranchisees
3、.Thiscaseprovidesyouwiththeopportunitytoassessana-lystforecastsofKrispyKremesearningsfollowingthereleaseofitsFebruary3,2002financialstatements.ThroughanalysisoffootnotedisclosuresontheCompanysjointventuresandrepurchasedfranchises,youwillidentifypotentialproblemswith
4、KrispyKremesbusinessoutlookthatwerenotdiscussedintheanalystreports.Keywords:financialstatementanalysis;businessstrategy;equitymethod;ratioanalysis;franchises;analystforecasts.CASEINTRODUCTION1henKrispyKremeannounceditsinitialpublicofferingplansinDecember1999,theWCom
5、panywasacultfavorite.Twoyearslater,itwasaculturalphenomenon.Eagercustomerswouldcampovernighttogreetnewstoreopenings.WhenKrispyKremedebutednearDenverinMarch2001,trafficwassnarledforhours.Sixmonthslater,carslinedupinsixrowstoorderdoughnutsinOctober2001attheopeningofit
6、snewSeattlestore.Afterhisfirsttasteofahotglazeddoughnut,onecustomerexclaimed“itwaslikeeatingsweetair.”Anothercustomerstated,“Idon’tthinkofthemasdoughnuts;theymeltinyourmouth,likewarmcottoncandy”Mulady2001.TheSeattleoutlet’sopeningweeksaleswere$454,000,almosttwicea
7、sMichaelCalegariisanAssociateProfessoratSantaClaraUniversity.Theauthorisgratefulforhelpfulcommentsandsuggestionsfromtwoanonymousreviewers,theassociateeditor,fromparticipantsintheSantaClaraUniversityaccountingresearchworkshop,andfromundergraduateandgraduatestudentsa
8、tSantaClaraUniversitywhoprovidedmewithfeedbackondifferentversionsofthiscase.IalsoacknowledgefundingfromtheSantaClaraUniversitysummeraccountingres
