Dunkin’ yesterday reported earnings ahead of expectations by $.01 per share at $.01 and revenues $1 million beyond expectations for the 4th quarter. Most restaurant stocks were up on Thursday, but Dunkin’ stock was up $2 or 4% and analyst sentiment was muted. DBI reported Dunkin’ US same store Q4 results of plus 1.9%, comprised of 2% negative traffic and a positive ticket of 4.0%, somewhat resulting from elimination of the combo meal. The Brand took credit for a “SWAT team of corporate staff” traveling to work with franchisees to implement more targeted price increases. Of greater note is DBI has pulled back DD US new store opening targets for 2017 to approximately 385, down from prior year’s hopes – a major shift in tone versus the messaging of the past several years. US same store sales were up just 1.6% on the Dunkin’ side and only .7% for Baskin. Dave Hoffman was introduced and noted his focus on the 6 point plan, drive-thrus, menu simplification and a beverage lead marketing focus. He also noted franchisees were on board with this plan from recent meetings. The menu simplification plan test soon to be in 300 shops got the most inquiries from analysts, while Ready to Drink (RTD) discussion was minimal other than it would remain a “restaurant company first and foremost”. It was also noted that there would be no Dunkin’ investor meetings until 2018.