Grand Parade to report interim loss due to failed Dunkin’ Donuts brand
The company announced in February that it was voluntarily liquidating the US brands as they had underperformed
Grand Parade Investments (GPI), the local representative of Burger King, says it will report a loss for the six months ended December owing to the failed Dunkin’ Donuts and Baskin-Robbins brands.
It expected to report a basic loss per share of up to 8.52c, from earnings of 2.92c a share a year before.
“The decrease in the basic earnings per share is due to the impairment of Dunkin’ Donuts and Baskin-Robbins, which was liquidated subsequent to 31 December 2018 and is reported as part of discontinued operations,” the group said.
GPI said in February it was voluntarily liquidating its Dunkin’ Donuts and Baskin-Robbins businesses as they had underperformed.
This came after institutional shareholders Denker Capital, Excelsia Capital, Kagiso Asset Management, Westbrooke Alternative Asset Management and Rozendal Partners, which collectively hold 12.5% in GPI, banded together in 2018 to call for the group to let go of the brands.
GPI said on Wednesday that headline earnings per share (HEPS) from continuing operations would be between 7.7% and 27.7% higher than a year before.