While the pandemic has negatively affected many businesses, Domino’s Pizza Inc. (NYSE: DPZ) has weathered this storm well, and shares are holding just below all-time highs. However, by the looks of it, investors may have wanted even more out of this past quarter. Even though Domino’s posted an incredible beat on the top and bottom lines, the stock still slid.
Domino’s released its second-quarter financial results before the markets opened on Thursday. The company said that it had $2.99 in earnings per share (EPS) and $920.02 million in revenue, while consensus estimates had called for $2.21 in EPS on revenue of $909.24 million. In the same period of last year, the pizza chain posted EPS of $2.19 and $811.65 million in revenue.
The company also announced that its executive vice president and chief financial officer, Jeffrey Lawrence, would be retiring after 20 years with the company. He has served in his current role for the past five years and agreed to continue serving as the CFO for the company until it finds a successor.
As for the earnings report, global retail sales increased 5.7% in the second quarter, or 8.1% excluding foreign currency impact. Global retail sales in the second quarter were positively affected by U.S. same-store sales but were negatively affected by temporary store closures in certain international markets.
U.S. same-store sales grew 16.1% during the quarter compared with the year-ago period and were positively affected by customer ordering behavior during the COVID-19 pandemic, continuing the positive sales momentum in the company’s U.S. stores business.
The international business also posted positive same-store sales results, with growth of 1.3% during the quarter.
The second quarter marked the 106th consecutive quarter of international same-store sales growth and the 37th consecutive quarter of U.S. same-store sales growth.
The company had second-quarter global net store growth of 84 stores, comprised of 39 net new U.S. stores and 45 net new international stores.
Domino’s Pizza traded up fractionally early Thursday at $414.55, in a 52-week range of $220.90 to $417.34. The consensus price target is just $397.64.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
