Dunkin Brands shares tumbled as much as 11% in trading on Thursday morning after the company provided sales guidance below what analysts were expecting.
The company is holding its investor day. It forecast that Dunkin' Donuts same-store sales (at locations open for at least one year) would grow 1.1% in the third quarter. Analysts forecast growth of 2.6%, according to Bloomberg.
For the full fiscal year, it estimated between 1 - 3% same-store sales growth for Dunkin' Donuts and Baskin-Robbins. Analysts' estimates were 3.32% and 2.7% respectively.
The company also announced that it will close 100 Dunkin' Donuts stores between 2015 and 2016.
And via the investor presentation, it's clear that Dunkin' Brands has not been spared from many of the challenges US companies have faced this year.Here's a chart showing the plunge in shares on Thursday. The stock fell to as low as $42.75 per share, the weakest since early January. It has rallied nearly 3% year-to-date.
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