FMP
Domino’s Beats Q3 Earnings Expectations But Misses on Revenue
Oct 10, 2024 7:01 PM - Davit Kirakosyan(Last modified: Oct 11, 2024 12:55 AM)
Image credit: FMP
Domino's Pizza (NYSE:DPZ) reported third-quarter results that surpassed earnings expectations but missed on revenue. The company posted an adjusted EPS of $4.19, topping the Street estimate of $3.63, while revenue reached $1.08 billion, slightly below the anticipated $1.1 billion.
Domino's noted a 5.1% increase in global retail sales year-over-year, excluding currency fluctuations. U.S. same-store sales rose by 3.0%, and international same-store sales saw a 0.8% increase. CEO Russell Weiner highlighted that the company’s "Hungry for MORE" strategy is continuing to drive growth, even amid challenging global market conditions.
The quarter also saw a net addition of 72 stores worldwide, and operating income rose by 5.0%, or 5.7% when adjusted for currency impacts on international franchise royalty revenues. Domino’s reaffirmed its guidance for 2024, expecting about 6% growth in annual global retail sales and 8% growth in income from operations, along with global net store growth between 800 to 850 locations.
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