Dunkin' says bad weather hurt profit

Published on NewsOK Modified: April 24, 2014 at 7:18 am •  Published: April 24, 2014
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NEW YORK (AP) — Dunkin' Brands on Thursday reported a lower profit for its first quarter, citing severe weather for dampening its U.S. sales.

Its net income and sales missed Wall Street expectations and shares fell 3 percent to $47.59 in premarket trading.

The company, which also owns ice cream chain Baskin-Robbins, nevertheless stood by its outlook for the year.

At Dunkin' Donuts stores in the U.S., which account for nearly three-quarters of the company's sales, sales edged up 1.2 percent at established locations. The company said people spent more on average per visit, in part because they traded up to pricier options. But it noted that sales growth was hampered by bad weather.

McDonald's Corp. earlier this week also cited bad weather for a 1.7 percent decline in sales in the U.S. By contrast, Chipotle reported a 13.4 percent increase at locations open least a year during the period.

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