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Dunkin' Brands 2019 Annual Report

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Dunkin' Brands 2019 Annual Report Dear Valued Shareholders, For more than 70 years, Dunkin’ has been at the heart of the communities we serve, keeping America running. We take a lot of pride in being part of our guests’ everyday routine. As the world navigates the global health challenges and seismic changes that will likely come as a result of COVID-19, it is essential for us to be there for our guests when they need us most – and to be their place of comfort during all of this uncertainty. We are grateful for the dedication Our results were a combination DUNKIN’ AND of our franchisees and crew of many things – starting with BASKIN-ROBBINS members, who make our brands outstanding execution of our stand tall every day. Together, segment plans and our continued WERE RANKED we are on a journey to evolve focus on delivering for customers. #1 AND #13 BRANDS and transform our brands Our recent strategic investments – IN THE 2020 to be more relevant for our including our espresso and digital FRANCHISE 500 customers – through a focus on platforms – are driving topline ISSUE OF menu innovation with broader results and delivering a better consumer appeal, reimagining the guest experience. Our asset-light, ENTREPRENEUR restaurant experience, growing 100-percent franchised business MAGAZINE our digital and delivery platforms, model continues to deliver strong and integrating both brands into flow through, and we are proud modern culture. of our collaborative relationships with our nearly 2,000 franchisee As we navigate the unchartered and licensee partners around the waters ahead, we will stay true to world. Together, we are working our core mission and strong values. to produce customer-noticeable We are making our business more change in our restaurants that sustainable than ever, helping drives meaningful top-and- the communities we serve, and bottom-line results, long-term following our credo of “strong, growth, and shareholder value. smart, kind.’ In 2019 overall, we continued Our entire system is committed to our long-term growth strategy this journey, and in 2019 we took centered on driving positive significant steps forward. Our two same-store sales and net unit iconic brands, Dunkin’ and Baskin- development growth – all while Robbins, generated more than working to modernize and $12 billion in systemwide sales in transform our business around 2019 and ended the year with over our four strategic pillars: menu 21,000 restaurants worldwide. innovation, restaurant excellence, All business segments delivered unparalleled convenience, and positive comparable store brand relevance. sales growth for the fiscal year, reflecting broad-based momentum across the system. 2019 ANNUAL REPORT MENU INNOVATION We continue to up our game based dessert category recognizes Dunkin’ and Baskin-Robbins are around menu quality and choice – the changing lifestyle and dietary menu-driven brands, and in 2019 increasing our vegan, vegetarian, needs of consumers and gives them we focused on expanding our sweet and non-dairy options and offering new options without sacrificing the spot with on-trend innovation to more modern options to meet the high-quality that guests have come grow consumer occasions and evolving needs of our customers. to expect from our ice cream. frequency. In 2019, we partnered with Beyond Meat to create an exciting, We are committed to democratizing Espresso, a critical component of proprietary, plant-based trends with our menu – as we did our beverage-led strategy, is our with espresso and plant-based fastest growing category for Dunkin’ options – and will continue to DUNKIN’ AND provide more on-trend innovation U.S. with sales up nearly 40 percent BASKIN-ROBBINS year-over-year. The launch of to fuel guests throughout the day. handcrafted Signature Lattes was WON PETA’S 2019 ‘LIBBY AWARDS’ We also intensified our focus on a key contributor of total espresso value, which is critical to attracting growth – driving a premium ticket FOR ‘MOST VEGAN- and retaining customers. 2019 with high attachment to our FRIENDLY RESTAURANT was the first time in recent brand breakfast sandwiches and bakery CHAIN’ AND ‘BEST history that Dunkin’ U.S. showcased platforms. VEGAN ICE CREAM’ 12 months of compelling, choice- In 2019, we introduced the based, national value programs. Power Platform, which featured breakfast sandwich. We are proud Our Dunkin’ Go2s platform featured Dunkin’ Bowls as well as the Power to be the first U.S. restaurant chain special pricing on our best-selling Breakfast Sandwich. The platform to serve a breakfast sandwich that breakfast sandwiches and was attracted a new consumer to featured the 100-percent plant- successful at driving profitable Dunkin’ – one that is health- based Beyond Sausage. In 2019, we sales and transactions. And our conscious but looking for a also launched three non-dairy, afternoon offers featuring $2 great-tasting product at an vegan indulgent flavors at Baskin- beverages were effective at driving affordable price. Robbins. Our entry into the plant- traffic in this underserved daypart. 2019 ANNUAL REPORT DUNKIN’ WAS NAMED RESTAURANT EXCELLENCE UNPARALLELED CONVENIENCE THE BRAND WITH Delivering an exceptional customer Our journey to become more THE FASTEST SPEED experience is at the heart of modern and relevant is about OF SERVICE BY QSR everything we do. We are intensely delivering greater convenience, focused on speed of service, and in 2019 we continued to make MAGAZINE IN ITS order accuracy, and making the the guest experience as frictionless 2019 DRIVE-THRU guest experience as frictionless as possible. PERFORMANCE STUDY as possible, whether in our restaurants, at the drive-thru, or Our Dunkin’ app is now more through our mobile app and other convenient to use – which supports digital channels. our on-the-go mobile ordering, catering, delivery, and curbside We’re spending more time than ever pick-up platforms – and we made helping our franchisees run better two major enhancements in 2019. restaurants – with an intensive We made the DD Perks loyalty focus on crew training and stronger program more flexible by expanding execution. In 2019, we simplified multi-tender to members restaurant operations with nationwide. And we opened up our new equipment and technology digital ecosystem by allowing any to help deliver an even better customer, not just loyalty members, guest experience. We remain to use our mobile on-the-go committed to keep improving and ordering. Both moves helped drive elevating the Dunkin’ and Baskin- usage, and we ended the year with Robbins experience – for both our more than 13 million DD Perks loyalty customers and our crew. members, representing nearly 2019 ANNUAL REPORT BRAND KEYS HONORED DUNKIN’ AS THE #1 BRAND FOR CUSTOMER LOYALTY IN THE OUT-OF-HOME COFFEE CATEGORY FOR THE 14TH CONSECUTIVE YEAR 40 percent growth year-over-year, four new licensing deals and the performance from front-facing and contributing approximately 13 addition of more than 10 new SKUs. glass bakery cases, and increased percent to rooftop sales, a 140- mobile order and pay from an basis point expansion from 2018. Finally, we are making our brands enhanced pick up area. increasingly more convenient We also continued to expand to guests through restaurant The NextGen store transformation delivery options for our guests. expansion. In 2019, our franchisees is also driving noticeable change Internationally, we established and licensees opened 385 net new for customers. Guests love the a strong delivery infrastructure restaurants globally, including modern appearance, and as in 2019 and now have third-party 211 net new Dunkin’ U.S. locations, proof of that, guest satisfaction options available in the majority of 100-percent of which were outside scores in NextGen restaurants are our international markets. Some of our core northeast markets. trending higher than in traditional of our most successful markets Dunkin’ is one of the fastest- Dunkin’ locations. NextGen is the are seeing a double-digit lift in growing QSR brands by unit embodiment of our Dunkin’ U.S. restaurant sales from delivery. This count in the U.S., and we have a Blueprint for Growth strategy and is a major unlock to future growth, significant white space opportunity underscores our commitment to and we’re capitalizing on it. At to grow our footprint across the U.S. serving “great coffee fast.” We Baskin-Robbins U.S., we continued ended the year with 525 new and to expand our partnership with BRAND RELEVANCE remodeled NextGen restaurants DoorDash in 2019, with delivery now Dunkin’ and Baskin-Robbins are two open across the country. available in more than 90 percent beloved 70+ year-old brands. To of U.S. restaurants. remain modern and valued by the At Baskin-Robbins U.S., we unveiled next generation of consumers, we our first Moments cafe in late Our quest for unparalleled must continuously enhance our 2018. This new design offers a more convenience extends beyond our brand relevance. To this end, we modern experience, showcasing restaurants and into consumers’ released transformational next our high-quality products in a homes as well. We want customers generation restaurant designs for more premium way. As of year- to have access to our products both brands in 2019. The new stores end, we had 19 new and remodeled any place they want so we, along feature a more modern design, Moments cafes open in the U.S. with our franchisees, support the state-of-the-art equipment, and We are working hand-in-hand sale of Dunkin’ and Baskin-Robbins an increased focus on technology. with our franchisees to improve branded products through new our brand relevance as part of channels. In 2019, our consumer At Dunkin’ U.S., key elements of the Baskin’s “Raising the Bar” initiative, packaged goods (CPG) business NextGen design are driving double- and we remain laser-focused on delivered $940 million in out- digit category increases, with sales driving healthy brand growth and of-restaurant retail sales and and traffic growth coming from franchisee profitability.
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