Domino’s stock slides after earnings and revenue miss

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Domino’s Pizza Inc. DPZ,
+0.86%
stock sank 6.1% in Thursday premarket trading after the company reported first-quarter profit and revenue that missed expectations. The pizza chain posted net income of $91.0 million, or $2.50 per share, down from $117.8 million, or $3.00 per share. Revenue of $1.011 billion was up from $983.7 million last year. The FactSet consensus was for EPS of $3.06 and revenue of $1.027 billion. US same-store sales fell 3.6% and international same-store sales grew 1.2%, excluding the impact of foreign currency. The FactSet consensus was for a domestic same-store sales decline of 0.9% and international same-store sales growth of 1.1%. “We faced a number of headwinds during the first quarter, from the Omicron surge, to staffing shortages, to unprecedented inflation, which pressured our results,” said Ritch Allison, Domino’s outgoing chief executive officer. “We are actively implementing strategies designed to address them; however, we expect some of these headwinds are likely to persist further into 2022.” Domino’s stock has slumped 34% for the year to date.

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Credit: www.marketwatch.com /

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