Dunkin' Brands, the parent company of Dunkin' and Baskin-Robbins, exceeded expectations in its most recent earnings report with delivery sales doubling.
Dave Hoffmann, Dunkin' Brands CEO, told Cheddar on Friday, that before the coronavirus outbreak, the company was heading towards its best quarter since 2013 already, but once the pandemic began it focused on adapting.
"We really worked on streamlining the operations for our franchisees to make the restaurants as flexible as possible with limited hours, limited menu. We called our limited menu Essentials," Hoffman said.
Luckily, 90 percent of the chain's transactions were some form of takeout prior to the crisis, according to the CEO, so it wasn't hard for them to pivot entirely in that direction.
"Our fleet of restaurants, 70 percent are drive-thrus, we've added 1,000 curbside locations to those non-drive thru sites as well. Our delivery footprint has nearly doubled during this, from 2,000 stores to 4,000," he said. "Our loyalty program has continued to increase. About one out of every five transactions is from a loyalty member."
Dunkin' Brands is 100 percent operated by franchisees and has almost 90 percent of its business open amid the pandemic. Hoffman said the company supported franchisees early on by making sure their liquidity was protected and took safety precautions at all locations so that workers feel protected.
"We got into this very early. We put our reputation aside and we talked about, you know nobody is going to remember an overreaction, but people will definitely remember an underreaction," he said.
Life after the pandemic is still unpredictable for most people, including business owners. The CEO said Dunkin' is taking it one day at a time and will continue to follow the guidelines from the Centers for Disease Control and Prevention.
Tesla reported a surprise increase in sales in the third quarter as the electric car maker likely benefited from a rush by consumers to take advantage of a $7,500 credit before it expired on Sept. 30. The company reported Thursday that sales in the three months through September rose 7% compared to the same period a year ago. The gain follows two quarters of steep declines as people turned off by CEO Elon Musk’s foray into right-wing politics avoided buying his company’s cars and even protested at some dealerships. Sales rose to 497,099 vehicles, compared with 462,890 in the same period last year.
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