Domino’s Pizza Inc. (NYSE: DPZ) released its third-quarter financial results before the markets opened on Tuesday. The pizza chain said that it had $2.05 in earnings per share (EPS) and $820.8 million in revenue, which compares with consensus estimates that called for $2.07 in EPS on revenue of $823.91 million. In the same period of last year, it said it had EPS of $1.95 and $785.97 million in revenue.
Global retail sales increased 5.8% in the third quarter, or 7.5% without the negative impact of changes in foreign currency exchange rates. This increase was primarily due to an increase in worldwide store counts during the trailing four quarters, as well as U.S. and international same-store sales growth, resulting in higher supply chain and global franchise revenues.
U.S. same-store sales grew 2.4% during the quarter from the prior year quarter, and international same-store sales grew 1.7%.
The company had third-quarter global net store growth of 214 stores, comprised of 40 net new U.S. stores and 174 net new international stores.
Domino’s said that the new two to three year outlook calls for global retail sales growth in the range of 7% to 10%, U.S. same-store sales growth of 2% to 5% and international same-store sales growth 1% to 4%. Consensus estimates call for $9.44 in EPS and $3.61 billion for the 2019 full year.
Ritch Allison, Domino’s CEO, commented:
It was a good quarter for Domino’s, as we continue to lean on our fundamental strength against a unique competitive environment,” “Strong unit growth and positive comps yielded a solid and balanced quarter of retail sales growth across both the U.S. and international businesses. We remain steadfastly focused on driving profitable growth for the Domino’s system, and most importantly, for our franchisees.
Shares of Domino’s Pizza traded less than over 5% early Tuesday, at $230.95 in a 52-week range of $220.90 to $302.05. The consensus analyst price target is $281.00.
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