CANTON, Mass. – Dunkin’ Brands Inc., parent of the Dunkin’ Donuts chain and Baskin-Robbins ice cream shops, said Wednesday that its annual profit fell 23 percent as the costs of refinancing debt offset its sales growth.
The privately held chain of more than 16,000 franchised restaurants said its net income slipped to $26.9 million from $35 million in the fiscal year that ended Dec. 25.
Dunkin’ Brands’ revenue, excluding the portion that franchisees keep, rose 7 percent last year to $577.1 million from $538 million, the company said. Total sales rose nearly 7 percent to $7.7 billion last year.
In November, Dunkin’ Brands completed a refinancing that included a $1.25 billion term loan and $625 million in senior notes. It used the proceeds to repay in full the company’s outstanding securitization debt and related refinancing expenses and to pay shareholders a cash dividend. The company said it recorded a nearly $62 million charge for costs related to erasing debt.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.