Reporting yesterday, Dunkin’ earnings for Q2 were $.86/share, 4 cents better than Wall Street consensus, while revenues were slightly below the street’s expectations. However, Dunkin’ Same Store Sales on a two year basis (often, a better viewpoint) were its best since 2016. It was also noted that the average ticket for Dunkin’ US was up while transactions were lower, but unchanged from last quarter’s pace, which follows a long trend in the industry. Most important to the franchisee community and long-term brand health, some solid foundational components have been built in the last two years and CEO Dave Hoffmann reviewed the success to date of the expresso platform (now 10% of sales mix), the power bowls and sandwiches, and the digital platforms being rolled out (Multitender, Mobile Order & Pay, On the Go, etc.). He also spoke to the benefits of the Next Gen remodel (finalized with extensive franchisee collaboration), which prompted considerable discussion on the CAPEX cost of the Next Gen (slightly higher that others historically, but with a quicker unlevered payback period). To the store economics question, Scott Murphy related that “labor conditions remain difficult, with labor costs up .4% in Q2, but food commodity costs were favorable.” On franchisee cash flow, he reported it “stable.” The Beyond Meat $4.49 Breakfast Sausage Sandwich is in test in New York City which bears a close watch.