US-based Dunkin’ Brands Group has reported revenues of $1.32bn for the fiscal year ending 31 December 2018 (FY2018), marking a 3.6% increase from $1.27bn in 2017.

The fast food chain has also reported an operating income of $411.8m, a 5.3% increase compared to $391m for the same period the previous year.

However, the company’s net income declined by 15.2% to $229.9m for 2018, compared with net income of $271.2m in 2017.

Diluted earnings per share (EPS) of the company were $2.71, a 7.8% decrease due to the impact of tax reform in the previous year.

“In 2018, we made substantial progress with our Blueprint for Growth designed to evolve Dunkin’ US into a beverage-led, on-the-go brand.”

In addition, Dunkin’ US comparable store sales saw a slight increase of 0.6% in FY2018 while Baskin-Robbins US comparable store sales declined by 0.6%.

Dunkin’ Brands CEO David Hoffmann said: “In 2018, we made substantial progress with our Blueprint for Growth designed to evolve Dunkin’ US into a beverage-led, on-the-go brand.

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“Along with making an unprecedented investment into the business, we implemented a deliberate sequencing of strategic initiatives including simplifying our menu nationwide, making our first foray into national value, debuting our NextGen new store design, unveiling our new Dunkin’ brand identity, and successfully relaunching our espresso beverages served at the speed of Dunkin’.

“While we did not drive consistent traffic momentum for the full year, we laid the foundation for future growth and, most importantly, along with our franchisees, are unified and well-positioned to capitalise in 2019 on our brand promise of ‘great coffee, fast.”

The quick service restaurant chain opened 392 new restaurants worldwide, including 278 Dunkin’ stores in the US.