CANTON, Mass. (AP) — Dunkin’ Brands’ first-quarter revenue missed Wall Street’s view as fewer customers at its doughnut and ice cream shops left a key U.S. sales metric flat.
Shares fell in Thursday premarket trading.
Revenue for the owner of the Dunkin’ Donuts and Baskin-Robbins chains rose to $190.7 million from $189.8 million, below the $192.2 million in revenue that analysts polled by Zacks expected.
Sales at Dunkin’ Donuts stores in the U.S. open at least a year were flat during the quarter. At Baskin-Robbins locations, that figure fell 2.4 percent.
Dunkin’ Brands Group Inc.’s stock declined 86 cents to $55.50 before the market open.
For the three months ended April 1, Dunkin’ Brands earned $47.5 million, or 51 cents per share. A year earlier the Canton, Massachusetts-based company earned $37.2 million, or 40 cents per share.
Earnings, adjusted for one-time gains and costs, came to 54 cents per share. That topped the 48 cents per share that analysts surveyed by Zacks Investment Research predicted.
Dunkin’ Brands raised its full-year adjusted earnings forecast to a range of $2.40 to $2.43 per share. Its prior outlook was for $2.34 to $2.37 per share. The company said that the new guidance reflects a new accounting standard for stock-based compensation.
Analysts surveyed by FactSet are looking for earnings of $2.38 per share.
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