Domino’s Pizza Inc. (NYSE: DPZ) released its first-quarter financial results before the markets opened on Thursday. The company said that it had $3.07 in earnings per share (EPS) and $873.1 million in revenue, while consensus estimates had called for just $2.32 in EPS on revenue of $868.7 million. In the same period of last year, the pizza chain posted EPS of $2.20 and $835.96 million in revenue.
Global retail sales increased 4.4% in the first quarter, or 5.9% without the negative impact of changes in foreign currency exchange rates. This increase was primarily due to an increase in global store counts during the trailing four quarters, as well as U.S. and international same store sales growth, resulting in higher supply chain and U.S. and international franchise revenues.
U.S. same-store sales grew 1.6% from the prior-year quarter, and international same-store sales grew 1.5%.
The company had first-quarter global net store growth of 69 stores, comprised of 30 net new U.S. stores and 39 net new international stores.
Ritch Allison, Domino’s CEO, commented:
In a time of unprecedented change in our industry, I am pleased to report that Domino’s is in a very strong financial position, both at the brand and franchisee levels. We can’t predict the full impact of COVID-19 on the broader economy and we don’t know how consumer behavior and restaurant purchasing patterns may evolve coming out of this crisis. What I do know is that our franchisees and teams in the U.S. and across the globe will remain focused on safely serving our customers and our communities in this time of need. I have great confidence in our people and our ability to manage through this crisis, and I remain optimistic about the long-term potential of the Domino’s brand.
Domino’s Pizza stock closed Wednesday at $383.75, in a 52-week range of $220.90 to $387.85. The consensus price target is $361.43. Following the announcement, the stock was down less than 1% at $381.50 in early trading indications Thursday.
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