Yesterday, Dunkin’ had an orderly and well-spoken earnings call, but generally delivered disappointing news, lowering its revenue forecast for the 3rd time this year and toned down the US new store opens to the low end of the range (closer to 430 than 460). US same store sales were +2%, due to higher ticket and negative transactions. There was considerable backup for the new beverage first marketing & operations focus with Nigel commenting on the consultant’s review and blessing of beverage first, both on the call and on a later CNBC interview. On franchisee economics, Paul Carbone mentioned more 2015 data was coming, but that new store sales results were strong in the West and California and projected 2015 West and Emerging Market cash on cash returns of 18-20%. 2014 came in officially at 20%. But note, this is just in the West, not all units and in year one these are cash on cash values before debt service. All company stores have been sold and approximately $6 million in “refranchising” earnings were recorded into company profits.