SBUX (Post-Call) Starbucks’ Brand Power Asserting Itself

By Mark Kalinowski Published on October 29, 2020 at 12:00 AM

After today’s market close, Starbucks reported adjusted fiscal Q4 EPS of $0.51, ahead of our $0.33 estimate and sell-side consensus (according to Consensus Metrix) of $0.31. Factors in the EPS beat included: (1) a favorable tax rate (approximately 14.3% actual, vs. our 26.0% forecast), (2) better-than-expected Store Operating Expenses/Company-Operated Retail Sales (51.9% actual vs. our 54.7% forecast), and (3) better-than-anticipated G&A/Revenues (6.0% actual vs. our 6.9% forecast), partially offset by other factors (such as D&A/Revenues of 5.9% actual vs. our 5.3% projection).

DNKN Charli Says To Adjust Our Q3E Estimates

By Mark Kalinowski Published on September 24, 2020 at 12:00 AM

In part given the strength of Dunkin’s promotion with TikTok star Charli D’Amelio, we raise our Q3E same-store sales forecast for the Dunkin’ U.S. business by +50 basis points, to -1.0%. According to Consensus Metrix, sell-side consensus is at -1.9% as of this writing.

DNKN (Post-Call) Improving Sales Trends Closing More Low-Performing Units

By Mark Kalinowski Published on July 30, 2020 at 12:00 AM

Earlier today, Dunkin’ Brands Group (DNKN; Neutral, $71.68) reported adjusted Q2 EPS of $0.49, beating our $0.46 estimate, and matching sell-side consensus (according to Consensus Metrix) of $0.49. Relative to our model, GA&/Revenues caused the upside (18.2% actual vs. 20.0% forecasted).