Americans weren't running as much on Dunkin' this past winter — at least those battling the cold and snow in the chain's prime Northeast territory.
Dunkin' Brands yesterday blamed extreme weather for lower-than-expected quarterly earnings that fell 3.5 percent to $23 million.
Sales at U.S. Dunkin' Donuts open at least 54 weeks — a key retail measure — climbed just 1.2 percent, below analyst expectations, while revenue increased 6.2 percent to $171.9 million.
CEO Nigel Travis acknowledged disappointment with the results, which prompted a 1.89 percent drop in shares for the Canton owner of the Dunkin' and Baskin-Robbins chains to $46.69.
"When our guests' normal morning routine gets disrupted by things such as school closings and office closings ... we lose their visit on that particular day, and that visit in most cases is not recoverable," he said.
But the company stuck to its full-year forecast for growth and said its first traditional Dunkin' would open in California by year's end, ahead of schedule.
"We're very positive about the fact that, given our national awareness through all our advertising, people are just waiting for us to come to California," Travis said. "I think we're going to do really well."
Analysts remained confident in Dunkin' Brands' outlook. "We continue to like shares, given industry-leading margins, strong domestic growth prospects and relatively stable underlying ... trends at Dunkin' Donuts U.S.," William Blair analyst Sharon Zackfia said.
Dunkin debuted its "DD Perks Rewards" program Jan. 27, allowing customers to earn points for purchases. It, so far, has 750,000-plus members, with a target of 2.5 million by the end of the year.
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