Dunkin’ Brands Group, Inc. (NASDAQ: DNKN) reported its financial results for the quarter ended March 28, 2020, on Thursday before the bell. The top-line rose by 1.3% on an increase in sales of ice cream and other products as well as higher license fees related to Dunkin’ K-Cup pods and retail packaged coffee.
Global systemwide sales declined by 0.2% in the first quarter, primarily due to Dunkin’ global comparable store sales declines as a result of the global COVID-19 pandemic, partially offset by global store development and Baskin-Robbins comparable store sales growth. The pandemic had an unfavorable impact on systemwide sales for each of its segments.
Due to the evolving nature and inherent uncertainty related to the COVID-19 pandemic and its impact on financial and operational results, the Company is withdrawing its fiscal year 2020 projections and its long-term targets. The company’s board of directors is suspending its regular dividend program.
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