Krispy Kreme makes and sells fresh doughnuts, with its Original Glazed doughnut as the core product. Krispy Kreme sells through three channels: Doughnut Shops (its signature Hot Light Theater Shops where doughnuts are made on-premise, plus smaller Fresh Shop kiosks), Fresh Delivery (daily delivery to grocery stores, club wholesalers, convenience stores, and QSRs), and Digital (its own platforms and third-party delivery apps, representing over 20% of U.S. retail sales). Fresh Delivery is the largest channel by points of access. Krispy Kreme operates in 42 countries with roughly 15,200 global points of access. The business runs on a Hub and Spoke model, where production Hubs carry largely fixed costs and profitability scales with the volume of doughnuts flowing to Spoke locations. Average weekly sales per fresh delivery door is a key profit driver. Krispy Kreme reports three segments: U.S. (~60% of revenue), International (~35%), and Market Development (~5%), the latter covering franchise operations and carrying the highest margins. Krispy Kreme is currently executing a turnaround after a period of high leverage, an unsuccessful McDonald's U.S. partnership, and a cybersecurity incident. The turnaround centers on refranchising international markets to reduce debt, rationalizing underperforming fresh delivery doors, outsourcing U.S. logistics to third-party carriers, and cutting overhead. Longer-term, Krispy Kreme is targeting a more capital-light, franchise-heavy model, with franchisees representing roughly 50% of systemwide sales by FY27.