KKD的财务分析包括特经营权2010年度.pdfVIP

ISSUES IN ACCOUNTING EDUCATION American Accounting Association Vol. 25, No. 1 DOI: 10.2308/iace.205 2010 pp. 85–118 Financial Analysis of Krispy Kreme’s Earnings Forecasts, Joint Venture Investments, and Franchise Repurchases Michael Calegari ABSTRACT: Like many restaurant chains, Krispy Kreme Doughnuts earns revenues from both company-owned stores and from franchisee-owned stores. Following its April 2000 IPO, Krispy Kreme Doughnuts entered into several joint ventures with franchisees to develop new stores. In some situations, the Company also re-acquired franchise rights from its franchisees. This case provides you with the opportunity to assess ana- lyst forecasts of Krispy Kreme’s earnings following the release of its February 3, 2002 financial statements. Through analysis of footnote disclosures on the Company’s joint ventures and repurchased franchises, you will identify potential problems with Krispy Kreme’s business outlook that were not discussed in the analyst reports. Keywords: financial statement analysis; business strategy; equity method; ratio analysis; franchises; analyst forecasts. CASE INTRODUCTION 1 hen Krispy Kreme announced its initial public offering plans in December 1999, the WCompany was a cult favorite. Two years later, it was a cultural phenomenon. Eager customers would camp overnight to greet new store openings. When Krispy Kreme debuted near Denver in March 2001, traffic was snarled for hours. Six months later, cars lined up in six rows to order doughnuts in Octob