Dunkin’ held its Q4 earnings call yesterday and reported earnings above expectations ($.06 GAAP basis) but revenue $10 million below. In addition, it delivered a much more muted expectation for 2019 in terms of both new unit growth and earnings. US net new opens stood at 106, while US same store sales were flat in Q4 and up only .6% for the year. Same store sales reflected a higher ticket, offsetting lower transactions and a low point for the year. CEO Dave Hoffmann took lengths to explain the “Blueprint” and the complex steps necessary, especially relating NextGen. In that vein, he explained that the NextGen remodel template was being cost engineered to work with franchisee assistance and was questioned several times about the net new goal being at the low end of Dunkin’s 200 – 250 net new US units range. There was no daypart data discussed or asked, but he also advised that they hoped to report more shop data in May. Lastly of note, in response to a question about whether they were cutting too much, Kate Jaspon reported that brand headquarters as well as general and administrative (G&A) expenses were expected to be lower in 2019. In response to a question of Dunkin’ cutting too much, she noted that the brand “still had the marketing fund as a resource to fund digital and innovation.” Hmmmmm!