(WINSTON-SALEM) -- Krispy Kreme Doughnuts, Inc. reported first quarter net income of $9.2 million. This compared to $4.5 million during the same period last year.

"We delivered a strong performance in the first quarter, characterized by double-digit revenue growth, a significant increase in consolidated operating income, and our best quarterly net profit since the fourth quarter of fiscal 2004.

"Substantially improved results in the Company Stores segment were a major driver of our improved results," said James H. Morgan, President and Chief Executive Officer. "We also benefited from lower impairment charges and lease termination costs and a significant reduction in interest expense resulting from the January 2011 refinancing of our credit facilities."

The doughnut maker saw first quarter revenues increase 13.6 percent to $104.6 million.   Company Stores revenues increased 11.1 percent to $69.5 million.

"While commodity costs created some headwinds, and will continue to do so for the remainder of the year, we believe we are off to a good start in fiscal 2012," added Morgan.

The company reaffirms its outlook for consolidated operating income, exclusive of impairment charges and lease termination costs, of between $22 million and $24 million for the year. "We believe first quarter results make the high end of that range appear increasingly achievable," concluded Morgan.