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Domino's Pizza delivered better-than-expected results in the fourth quarter despite increasing competition from food-delivery companies like DoorDash.
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The Ann Arbor, Michigan-based company — which has 17,000 stores worldwide — said Thursday that its fourth-quarter earnings rose 16% to $129.3 million. Adjusted for one-time items, the company earned $3.13 per share, beating Wall Street's forecast of $2.98 per share, according to analysts polled by FactSet.
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Domino's U.S. same-store sales — or sales at locations open at least a year — rose 3.4% for the quarter, which also beat analysts' forecast for 2.4% growth. Still, it was the fifth consecutive quarter that Domino's same-store sales were lower than the prior year. It reported 6.7% same-store sales growth in the fourth quarter of 2018.
(AP Photo/Sunday Alamba, File) Domino's is rapidly building new stores to crowd out competitors like Papa John's and ensure quick delivery times. During the fourth quarter, Domino's opened 492 net new stores worldwide; it opened 1,106 net new stores in 2019. But some investors have been concerned that those stores are stealing share from other Domino's locations. TOP 5 FAST FOOD RESTAURANTS WITH MOST LOYAL CUSTOMERS Domino's hasn't yet said what impact the viral outbreak in China, where it has 274 stores, could have on its earnings. Revenue rose 6% to $1.15 billion for the quarter, the company said, beating analysts' forecast of $1.12 billion. Source: Read Full Article
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