Krispy Kreme Doughnuts (KKD) announced Monday, that it plans purchase back some of its stock.
The doughnut maker intends to buyback $50 million worth of the company’s 66 million shares, or roughly 2.5 million shares, reports The Motley Fool.
“The repurchase authorization announced today reflects our desire to further enhance shareholder returns when our cash flow generation is excess to our current needs and when doing so is in the best interests of our shareholders,” James H. Morgan, Krispy Kreme President and CEO, told The Motley Fool.
Krispy Kreme expects a net income of $42 million to $45 million in fiscal 2014, which is an increase of 28% to 31% when compared to 2013, reports The Motley Fool.
Krispy Kreme also anticipates making $63 to $66 million in cash from operating activities in 2014.