Dunkin Brands Aims for 720 New Stores Across Globe
After beating expectations for third-quarter earnings and raising guidance, Dunkin Brands CEO Nigel Travis said growth is just beginning as it plans to open as many as 720 new stores across the globe this year.
"The thing that really pleased me in the quarter is the fact that we really started to put the foot down on the accelerator on development," the Dunkin Brands executive said. "The more stores we get open, the more profits we'll have in the future."
Dunkin now forecasts that it will open 280 to 300 new Dunkin Donuts locations in the U.S. in 2012, up from an earlier forecast of 260 to 280. Globally, it plans to open 610 to 720 new Dunkin Donuts and Baskin Robbins stores.
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These stores will be opened across the country, but Travis noted, "You're going to see more and more stores in the West in the future."
While future development will focus on the West, there is also still room for 3,000 new stores east of the Mississippi River, Travis said.
As it opens new Dunkin Donuts, it expects to take some share from competitors like Starbucks, but most of the market share gains will come from independent coffee houses, Travis said on CNBC's "Squawk on the Street."
Travis also said K-Cups have been "revolutionary" it changes consumer habits. "We think we've got a model that really works," he said. "The only place to get Dunkin K-Cups is in Dunkin stores."
-By Justin Menza, CNBC News Writer
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