Dunkin’ Brands second-quarter revenue dropped 20% as fewer consumers visited its shops as a result of the pandemic on their method to function. Nonetheless, customers, typically dropping in with their families, are investing more per visit through when they do arrive.
Dunkin’ shares were down less than 1% in premarket trading.
“For Dunkin’ U.S., same-store sales improved sequentially throughout the quarter, largely as a result of our ability to pivot quickly and introduce new menu items designed to appeal to customers who are now visiting us later in the day,” said CEO Dave Hoffmann, in a press release.
For the 2nd quarter finished June 27, Dunkin’ said earnings was up to $36.5 million, or 44 cents per share, from $59.6 million, or 71 cents per share, a year earlier.
Leaving out non-recurring products, the business made 49 cents per share, below Refinitiv quotes of 48 cents per share.
Profits fell to $287.4 million from $359.3 million last year, however surpassed estimates of $277 million.
USS Dunkin’ same-store sales went down 18.7%, while Baskin-Robbins USA same-store sales dropped 6.0%.
The firm said it prepares for closures of 229 Dunkin’ and Baskin-Robbins places worldwide.
This consists of plans to shut 180 of its ice cream shops in worldwide markets, and closed 40 Dunkin’ shops in the US 10 of the Dunkin’ sites are within Speedway locations.