Release date: December 24, 2003

WHO:
Krispy Kreme Doughnuts, Inc. (NYSE: KKD)

WHAT:
Krispy Kreme Spokane will offer crimson and gray sprinkled doughnuts in recognition of the Washington State University football team’s participation in the 2003 Pacific Life Holiday Bowl.

WHEN:
The crimson and gray doughnut will be offered through Tuesday, Dec. 30, 2003.

WHERE:
Krispy Kreme Spokane
15401 E. Indiana Ave.

DETAILS:
In honor of Washington State University’s participation in the 2003 Pacific Life Holiday Bowl, Krispy Kreme Spokane will offer a crimson and gray sprinkled doughnut. The Holiday Bowl is an annual football game featuring the Pac-10 conference runner-up and the third selection from the Big 12 conference. This year, the Holiday Bowl will feature Washington State and the University of Texas on Tuesday, Dec. 30, 2003 in San Diego, Calif.

In addition, Krispy Kreme is inviting guests to enter a prediction of the game’s final score. All correct guesses will be entered in a drawing, and the selected guest will be awarded a dozen Krispy Kreme doughnuts per month for one year. No purchase is necessary and entries are limited to one per person.

Krispy Kreme’s six Washington state stores feature a 24-hour drive-thru and offer 15 doughnut varieties—including the best-selling Original Glazed—and Krispy Kreme’s Signature Coffee line with four drip coffee blends—Smooth, Rich, Bold and Robust Decaf—espresso drinks, and milks prepared with a variety of proprietary flavors.

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme is a leading branded specialty retailer of premium quality doughnuts, including the Company’s signature Hot Original Glazed. Krispy Kreme currently operates over 335 stores in 42 U.S. states, Canada, the UK, and Australia. Krispy Kreme can be found on the World Wide Web at www.krispykreme.com.

MEDIA CONTACTS:
Jason Hamilton / Erick Armes
Richmond Public Relations
Office: (206) 682-6979 / Cell: (206) 595-2593
jasonh@richmondpr.com / ericka@richmondpr.com

Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Krispy Kreme's operating results, performance or financial condition are its dependence on franchisees to execute its store expansion strategy, supply issues, competition and numerous other factors discussed in Krispy Kreme's periodic reports, proxy statement and other information statements filed with the Securities and Exchange Commission.