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WINSTON-SALEM, NC-The locally headquartered doughnut maker saw a decent FY Q1 2010, with same-store sales increasing 2.1% year-over-year and operating income posting at $5.8 million, compared to $5.6 million a year ago. Furthermore, despite lease termination costs of $2.4 million, the company’s bottom-line profit was a shade under $2 million.

“We’re seeing benefits this year from closing stores last year,” said Krispy Kreme executive vice president and CFO James H. Morgan. He added that the Q1 results were far ahead of what the company had estimated.

On the real estate end, the company has letters of intent for its other retail concept – a smaller, more compact retail concept that was rolled out last year. “The small-store concept, paired with a broader menu, will set the stage for domestic growth in the years ahead,” commented James H. Morgan, Krispy Kreme’s president and CEO. He explained that the three small shops would be open in Raleigh, NC, Columbia SC and Louisville, KY by year-end.

Morgan said that the smaller concept, which includes kiosks, both reduces expenses while opening more markets for entry. “We’re committed to becoming more convenient to customers,” he added. “This is what the customers want.”

Meanwhile, company shop renovations continue as well. “We expect several more of them to be finished by the end of the year,” Morgan remarked.

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