Dunkin' Brands' third-quarter revenue dipped on the sale of its remaining company-run stores and for a second time, it lowered revenue expectations for the year.
The Canton, Massachusetts, company earned $52.7 million, or 57 cents per share, for the three months ended Sept. 24, up from $46.2 million, or 48 cents per share, a year earlier.
Earnings, adjusted for one-time gains and costs, were 60 cents per share, which was 2 cents better than Wall Street had expected, according to analysts surveyed by Zacks Investment Research.
Revenue slipped 1.3 percent to $207.1 million, well short of analyst projections of $213.3 million.
Chief Financial Officer Paul Carbone said in a written statement Thursday that the sale of the remaining company-run stores pushed revenue lower, but that the company is now 100 percent franchised.
Sales at Dunkin' Donuts stores in the U.S. open at least a year increased 2 percent on strong drink sales, while the figure fell 0.9 percent at Baskin-Robbins, which the company owns.
Dunkin' Brands Group Inc. now anticipates full-year revenue growth of about 2 percent. Its prior guidance was for revenue growth 3 percent to 5 percent. Before that, the company had predicted revenue growth of 4 percent to 6 percent.
Dunkin' Brands also announced a fourth-quarter dividend of 30 cents per share. The dividend will be paid on Nov. 30 to shareholders of record on Nov. 21.