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DEBT? Who, Me?

机译:债务?谁,我?

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What makes krispy Kreme, a chain of 217 donut shops (of which only 75 are company-owned), worth $2.1 billion on Wall Street? Perhaps investors are impressed by the company's ability to grow rapidly on an eye-dropper of capital. For the first nine months of fiscal 2002, capital expenditures fell to $38 million from $59 million in the prior year. Yet Krispy Kreme has expanded along with its customers' waistlines during the same period, with earnings that soared 73% to $18 million on sales that were up 27% to $277 million. An impressive feat if you care about return on capital, but there's a hole in this donut. Amid much hoopla last year, the company announced it would spend $30 million on a new 187,000-square-foot mixing plant and warehouse in Effingham, Ill. Yet that $30 million doesn't show up anywhere on the balance sheet or as part of the company's capital expenditures.
机译:是什么让krispy Kreme连锁店(包括217家甜甜圈店(其中只有75家为公司所有))在华尔街的市值达到21亿美元?投资者对公司依靠滴眼液快速增长的能力印象深刻。在2002财政年度的前九个月中,资本支出从上一年的5,900万美元降至3,800万美元。然而,Krispy Kreme在同一时期随着客户的腰围扩大了,其收入猛增了73%,达到1800万美元,销售额增长了27%,达到2.77亿美元。如果您关心资本回报率,这是一项令人印象深刻的壮举,但是这个甜甜圈有一个漏洞。在去年的喧嚣中,该公司宣布将斥资3000万美元在伊利诺伊州埃芬汉姆建立一个新的187,000平方英尺的搅拌站和仓库,但是这3,000万美元并未出现在资产负债表上或作为资产负债表的一部分公司的资本支出。

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