Doughnut chain Krispy Kreme’s attributable net loss widened despite booking a higher revenue last year.

The company’s net loss worsened to $37.9 million while revenue grew 10.2 per cent to $1.69 billion in the year ended December 31.

Krispy Kreme attributed the results to its investments in global expansion including the international development of Insomnia Cookies, and higher tax rates from earnings in higher tax jurisdictions.

In the fourth quarter, the company swung to a net income of $2.6 million as revenue rose 11.4 per cent to $450.9 million brought by higher sales in the US and international markets.

The company saw strong organic growth in Canada and international franchise businesses, led by Turkey, South Korea, and the Philippines. Krispy Kreme also opened stores in France and Ecuador during the quarter.

“Moving forward, we are modernizing the making and moving of doughnuts to ensure high quality, profitable growth,” said Krispy Kreme CEO Josh Charlesworth.

“We are largely supplying expansion from existing capacity whilst making selective investments in geographies which have limited access to Krispy Kreme.”

For this year, the company expects net revenue to grow 5 per cent to 7 per cent.