Last week, Dunkin’ reported on their relatively uneventful Q4 earning, exceeding the revenue target by $2 million, but missing the adjusted earnings target by $.01. This week, we can provide a bit more in-depth commentary from our restaurant analyst, John Gordon of Pacific Management Consulting Group. There were bright spots: Baskin US at +9.3% same store sales and Dunkin International was less negative but the all-important Dunkin US same store sales were +1.4%, just a bit better than had been feared in December, with ticket +.7% and traffic +.7%. Good digital download metrics were noted but all wanted more comps. Nigel acknowledged the franchisee price increases were slow to flow through. There will be higher rates of store openings next year on both brands world-wide, but it is interesting that as DD store openings have ramped up the last several years, Dunkin same store sales have slowed. Nigel noted franchisees were beginning to understand “select discounting” tactics now. John Costello noted the dark roast launch improved brand perceptions. In response to a question on franchisee profitability, Paul Carbone noted franchisees have submitted “record” sales and store profits for 2014 to date, both dollars and percentages.