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Share Name | Share Symbol | Market | Type |
---|---|---|---|
McDonalds Corp | NYSE:MCD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.43 | -0.89% | 270.6075 | 271.38 | 270.09 | 271.38 | 239,876 | 14:45:35 |
By Ben Fox Rubin and Julie Jargon
Dunkin' Brands Group Inc. said that first-quarter earnings fell 3.5%, blaming bad winter weather for cutting a hole in demand at its signature doughnuts-and-coffee chain.
"We had a difficult first quarter with our comparable-store sales growth in the U.S. significantly impacted by severe weather in the regions of the country where most of our Dunkin' Donuts restaurants are located," Chief Executive Nigel Travis said. "However, we remain confident that we will hit our targets for the full year."
The company backed its full-year adjusted earnings outlook.
The parent company of Dunkin' Donuts and Baskin-Robbins has been working to expand its doughnut-and-coffee brand westward in the U.S., improve its performance abroad and stage a turnaround of its ice cream shops domestically.
Dunkin' will open its first traditional California doughnut shop by year-end, ahead of its previous expectation of next year, Mr. Travis told investors on Thursday.
Dunkin' is also trying to speed service at its doughnut shops. The company is testing new double-sided sandwich-making stations in Florida and Massachusetts. Rival McDonald's Corp. is also installing new prep tables in its kitchens to speed up sandwich preparation.
Earlier this month, the company's Baskin-Robbins brand launched online ice cream cake ordering and Mr. Travis set a goal of growing from more than 13 million cakes sold around the world annually today to 20 million sold annually in the long-term.
Dunkin' reported a profit of $23 million, or 21 cents per share, down from $23.8 million, or 22 cents per share, a year earlier. Excluding amortization costs and other items, earnings rose to 33 cents from 29 cents. Revenue increased 6.2% to $171.9 million.
Analysts predicted per-share earnings of 36 cents and revenue of $172 million.
U.S. same-store sales rose 1.2% at Dunkin' Donuts shops and increased 0.5% at Baskin-Robbins. International same-store sales fell 2.4% at Dunkin' Donuts shops and grew 1.4% at Baskin-Robbins locations.
Write to Ben Fox Rubin at ben.rubin@wsj.com and Julie Jargon at julie.jargon@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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