Industry News | July 29, 2004

SEC Investigating Krispy Kreme’s Franchise Reacquistions and Past Earnings Guidance

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Krispy Kreme Doughnuts, Inc., announced today that the Securities and Exchange Commission is conducting an informal, non-public inquiry regarding the Company. The Company is fully cooperating with the SEC in response to its request for information. The inquiry generally concerns the Company's franchise reacquisitions and the Company's previously announced reduction in earnings guidance.

"Krispy Kreme has no higher priority than the confidence of our shareholders, customers and employees," says Scott Livengood, the brand’s chairman, president, and CEO. "While we are confident in our practices, we understand and respect the SEC's responsibilities and will continue to cooperate fully throughout this process."