Dunkin’ Brands held their quarterly earnings call yesterday morning and John Gordon of Pacific Management Consulting Group, our expert Restaurant Analyst, reported for us on the call:  “Dunkin’ posted credible Q1 earnings results, beating both consensus Wall Street views of revenues and earnings ($.05 EPS beat).  The stock was up about 9% in the first hour.  It’s important to note that the signing fee from the K-cup distribution deal was the big driver of the earnings beat.  Dunkin’ is fortunate this came together.  Dunkin’ US same store sales were up 2.7%, with .5% traffic gain, 3% price and -.5% mix.  This is better than the latest multi-quarter trend, even allowing for weather.  78 units were added, of which only 7 were in the core markets.  The price increase impact was important.  Significant discussion arose when DBI reported the West and Emerging 2013/2014 new unit cash on cash returns were under the 25% touted earlier, now in the high teens to low 20% range.  This return does not include debt service.  Paul mentioned higher build-out expense, and Nigel the need to improve beverage mix.”  The full transcript of the call is available here.