Everyone’s favorite guilty pleasure, Krispy Kreme, reported its fourth-quarter and full-year financial this morning. They came in a lot sweeter than expected.

The donut-maker exceeded the Street’s expectations for both sales and profitability, sending the stock up a calorie-packed 32.7% to $4 at the time of writing.

The clearest sign of a potential turnaround was earnings, with revenue reaching $392.4 million versus about $389 million expected and adjusted EPS coming in at $0.09 versus roughly $0.03 to $0.04, alongside adjusted EBITDA of $55.6 million and adjusted net income of $15 million.

Their strategy of shutting down lower-volume, unprofitable businesses around the country also helped increase average revenue per door by 4.5% year-over-year, leaning on digital sales up 18.2%.

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Looking ahead, Krispy Kreme is exiting direct ownership and becoming an asset-light brand partner, following an agreement to sell its Japanese operations to the Tokyo-based private equity firm Unison Capital for approximately $65 million last December. By transitioning to a re-franchising model, Krispy Kreme is effectively outsourcing operational risks and relying on “Hub” kitchens to deliver its sweet treats to thousands of locations across Japan and the USA.

Krispy Kreme CEO Josh Charlesworth said he was happy with how the company ended the year with “positive momentum” and made it clear they weren’t slowing down. For the rest of the year, they’re going to continue with “system-wide sales growth, additional re-franchising activity, disciplined capital expenditures, lower net leverage,” and aim for “positive free cash flow generation.”

For a stock as down as theirs, their comeback story is a sweet one.

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