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Domino's Pizza Surges 6% After Q1 Earnings Beat
Apr 29, 2024 1:19 PM - Davit Kirakosyan
Image credit: FMP
Domino's Pizza (NYSE:DPZ) shares surged more than 6% pre-market today after the company exceeded analyst expectations for earnings in the first quarter of 2024. The company posted an adjusted earnings per share (EPS) of $3.58, which was $0.19 higher than the consensus estimate. Revenue for the quarter was stable at $1.08 billion, aligning with analyst projections.
The positive performance in the first quarter was largely due to Domino's comprehensive strategy that focused on boosting sales, expanding store count, and increasing profitability. CEO Russell Weiner highlighted the impact of the company's "Hungry for MORE" strategy and the enhancements made to the Domino's Rewards loyalty program, which spurred significant same-store sales growth and profitability in the U.S. market by 5.6%.
International growth was more modest, showing a 0.9% increase in same-store sales, adjusted for foreign currency impacts.
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