Dunkin’ Brands’ partnership with Beyond Meat may go beyond one breakfast sandwich, Dunkin’ CEO David Hoffmann told CNBC on Thursday. “We’re talking about more things down the road,” Hoffmann said on “Closing Bell.” “We’re happy with our first venture in this, and I think the consumers are responding.” Dunkin’ took its collaboration with Beyond Meat nationwide in November, after sales of the egg, cheese and plant-based sausage sandwich exceed expectations during a New York City pilot test. Initial plans had targeted a nationwide launch in January.
Hoffmann, who became Dunkin’ CEO in 2018, said the introduction of Beyond Meat sandwiches has appealed to existing customers while also bringing new people into stores. “I think we’ve tapped into somebody health aware on a budget, and so we’re getting new consumers,” said Hoffmann, a former McDonald’s executive who led its high-growth markets division. “I like what we’re seeing out of this.” Hoffmann said he has developed a good relationship with Ethan Brown, CEO of Beyond Meat. “I like his mission paired with our platform,” he said.
The companies have so far not announced any new collaborations. Beyond Meat did not immediately respond to a request for comment on Hoffmann’s remarks. Shares of Dunkin’ closed down 2.8% at $75.03 on Thursday after the company beat expectations for quarterly earnings per share but its full-year EPS guidance came in below Wall Street forecasts.
The parent company of Dunkin’ and Baskin-Robbins has seen its stock rise about 9% in the last year, compared with a 22% gain for the S&P 500.
Dunkin’s partnership with Beyond Meat is among a handful of collaborations between plant-based meat companies and fast-food brands. Burger King has paired with Impossible Foods to launch an Impossible Whopper, while McDonald’s is testing a plant-based burger using Beyond Meat patties in Canada. Beyond Meat announced last week that it was bringing plant-based “fried chicken” to some KFC stores in Tennessee and North Carolina.
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