Krispy Kreme Exploring Sale Of Insomnia Cookies

(RTTNews) - Donut company Krispy Kreme, Inc (DNUT) Tuesday said that is exploring sale of Insomnia Cookies, which it acquired in 2018.

Commenting on the decision, Krispy Kreme CEO Mike Tattersfield said,"We acquired a majority stake in Insomnia Cookies to build our e-commerce and digital capability as well as assist Insomnia's U.S. and International expansion. Both efforts have been successful and it's time for the next strategic step for both companies."

Krispy Kreme said it is expecting revenues of around $230 million for Insomnia Cookies in fiscal 2023.

Insomnia Cookies, a chain that specializes in delivering warm cookies, baked goods, and ice cream, operates in three countries with over 250 bakeries. It has over 45 percent in revenue generated digitally.

In pre-market activity, shares of Krispy Kreme are trading at $12.33, down 0.80% on the Nasdaq.