Dunkin’ Brands unveiled disappointing Q1 earnings on its earnings call Thursday as same store sales in Dunkin’ were flat with ticket +3 and transactions -3. Still, they beat estimates by $.06 EPS, and exhibited a solid management tone on the call with the stock closing up 44 cents for the day. Several interesting takeaways include the following: A fan of nationwide marketing from his McDonald’s experience, Dave Hoffman reinforced that “nationwide value messaging” would be inserted throughout the year with more aggressive discounting to spur traffic. Nigel pointed to more bad weather in March, but also noted they had to do better. Dunkin’ net new opens for the quarter came in at 56 – well below last year and on a slower track, but one prominent analyst (BofA) chided the Brand to lower the 2017 US opens guidance, which Nigel wouldn’t do. Neither was he ready to reveal cash on cash returns in the new markets other than the previously stated 18-20% (unadjusted for debt service outlays). Dunkin’ did report that the menu simplification test has been expanded and that related sales from DD PERKS accounted for 10% of shop sales while mobile order and pay accounted for 2% with mobile order sales mix up 1 point. There was almost zero discussion of Baskin Robbins and Dunkin’ International developments.