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U.S.
restaurants are battling intense competition from upstart chains
and meal-kit sellers, and getting battered by lower grocery
prices, which are encouraging customers to cook more at home.
Dunkin' cut its revenue growth forecast for 2016 to about 2
percent, from 3-5 percent, citing weaker-than-expected sales at
its Baskin-Robbins outlets outside the United States.
Sales at U.S. Baskin-Robbins outlets open for about 18 months
fell 0.9 percent in the third quarter ended Sept. 24. Analysts
on average had expected a 0.5 percent rise, according to
Consensus Metrix.
Net income attributable to Dunkin' Brands rose to $52.7 million,
or 57 cents per share, in the quarter from $46.2 million, or 48
cents per share, a year earlier.
Excluding items, the company earned 60 cents per share.
Dunkin' said total sales fell 1.3 percent to $207.1 million,
partly due to a decline in sales at company-operated restaurants
as the company is now fully franchised.
Analysts had expected total sales of $214.4 million and earnings
per share of 59 cents, according to Thomson Reuters I/B/E/S.
(Reporting by Lisa Baertlein in Los Angeles and Sruthi
Ramakrishnan in Bengaluru; Editing by Anil D'Silva and Martina
D'Couto)
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