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Dunkin' Brands shares fell as much as 4 percent in early trading Thursday after the company reported weaker-than-expected sales growth and strong headwinds in international markets.
The stock later recovered some of its losses and ended the day modestly lower.
Same-store sales at international locations of the company's Dunkin' Donuts and Baskin-Robbins brands in the second quarter declined 3.1 percent and 6.6. percent, respectively, well below analysts' expectations.
Stores in the U.S. also fell short of Wall Street estimates. Dunkin' reported same-store sales growth of 0.5 percent against an expected 0.9 percent rise and Baskin-Robbins increased 0.6 percent, but was expected to grow 3.4 percent, according to The Street.
"As for our five-part plan designed to drive Dunkin' Donuts U.S. comparable store sales growth, while we are still in the early phases of implementation and have not yet seen an acceleration of top-line sales, we are making significant progress with our initiatives," Nigel Travis, Dunkin' Brands CEO, said in a statement.
The company saw second-quarter growth in its espresso category and revealed in late June that it was launching cold brew coffee nationally, a move to take on rival Starbucks.
Dunkin' Brands earnings outpaced Wall Street expectations, reporting adjusted profit of 57 cents per share against a forecast for 56 cents a share. Revenue came in at $216.3 million, while analysts, on average, had called for revenue of $220.2 million.
Despite surpassing analyst expectations, the company altered its projected revenue growth from 4 percent to 6 percent to a new forecast of 3 percent to 5 percent, revealing that it will be selling many of it's company-owned stores.
"We anticipate that by the end of the year, we will have fewer than five company-owned stores remaining," said Paul Carbone, chief financial officer. "While the sale of these stores impacts our revenue growth, we do not anticipate that there will be a material impact to our profits."