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Daniel Guglielmi

Consumer Equity Research Analyst at Capital One Securities

Daniel Guglielmo is a Consumer Equity Research Analyst at Capital One Securities, specializing in consumer discretionary, real estate, and consumer staples sectors. He covers specific companies including FrontView REIT, Lineage, Krispy Kreme, PENN Entertainment, MGM Resorts International, Churchill Downs, and Caesars Entertainment, with a mixed performance track record featuring a 50% success rate and -0.67% average return according to StockAnalysis, and a 45% success rate as a 2.29-star analyst on TipRanks. Guglielmo began his equity research career at Capital One Securities where he continues to serve as a lead analyst on key consumer-focused companies. He holds FINRA registration as a broker with CRD# 7327602.

Daniel Guglielmi's questions to Krispy Kreme (DNUT) leadership

Question · Q4 2025

Daniel Guglielmi of Capital One Securities inquired about Krispy Kreme's strategy for U.S. hub growth, specifically whether the company is identifying new expansion opportunities that offer strong returns, or if it's still too early for such considerations. He also asked about the significance of shop closure expenses in the recent quarter and future expectations for such costs in 2026.

Answer

President and CEO Josh Charlesworth explained that Krispy Kreme sees significant growth potential in under-penetrated strategic partners like Walmart, Target, Costco, and Sam's, having added over 200 new doors in Q4. He highlighted that current capacity utilization is only around 25%, allowing for expansion without substantial new production investment, which is reflected in the expected 50% reduction in 2026 CapEx compared to 2025. Regarding closures, Mr. Charlesworth clarified that the program of underperforming door rationalization is complete, and the company is now focused on optimizing existing production hubs and retail shops to improve productivity and efficiency, rather than making new closures, with expected EBITDA growth in Q1 2026.

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Question · Q4 2025

Daniel Guglielmi of Capital One Securities inquired about Krispy Kreme's strategy regarding U.S. hub growth, specifically if the company is evaluating new hub development for good returns or if it's too early, and also asked about the remaining shop closure expenses for 2026.

Answer

President and CEO Josh Charlesworth explained that Krispy Kreme sees significant growth opportunities in under-penetrated strategic partners like Walmart, Target, Costco, and Sam's, with 200 new doors added in Q4 2025. He highlighted that current capacity utilization is only 25%, allowing for growth without significant new production investment, leading to a projected 50% reduction in 2026 CapEx compared to 2025. Regarding shop closures, Charlesworth clarified that the company is currently focused on optimizing existing production hubs and retail shops for efficiency and productivity, rather than making new closures, aiming to drive EBITDA growth in 2026.

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