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Shares of Dunkin' Brands fell more than 3 percent on Tuesday despite the company posting fourth-quarter earnings that were better than analyst expectations.
The company, which owns Dunkin' Donuts and Baskin-Robbins, said net income rose to $195.5 million, or $2.13 per share, from $56.1 million, or 61 cents per share, a year ago.
Excluding a tax benefit of $142.4 million and other items, the company earned 64 cents per share, a penny better than analysts were expecting, according to Thomson Reuters.
Revenue in the latest period increased 5.3 percent to $227.1 million, larger than the $220.6 million Wall Street had expected.
The company said sales growth at Dunkin' Donuts restaurants was fueled by breakfast sandwich, iced coffee and Frozen Dunkin' Coffee and doughnut sales.
Baskin-Robbins chains saw same-store sales rise 5.1 percent, a greater leap than Wall Street's expected 0.2 percent. The company said this growth was bolstered by higher checks and beverages such as shakes and smoothies.
For the full year, same-store sales were up 0.6 percent at U.S. Dunkin' Donuts locations and flat at U.S. Baskin-Robbins stores.
The company has been making major changes in the last few months, ramping up its digital ordering, slowing down its expansion plans and slimming down its menu to refocus its efforts on being a beverage-led brand. And that seems to be paying off.
"Morning comparable store sales increased each quarter sequentially, and we had our highest quarterly beverage comparable sales of the year in the fourth quarter of 2017, driven by iced coffee and Frozen Dunkin' Coffee," CEO Nigel Travis said in a statement Tuesday.
The company declined to provide 2018 estimates during the earnings conference call Tuesday. Dunkin' will disclose this information at its Investor Day on Feb. 8.