Domino’s Pizza Inc beat quarterly market revenues and profit estimates, signaling $1B share buyback program – roughly 5.4% of market capitalization. Second quarter revenue rose by 12.2% to $1.03 billion, higher than estimates of $972.3 million by IBES data from Refinitiv. Domino’s earned $3.12 per share, higher than the estimated $2.87, according to a report released on Thursday.
- Similar to Industry rivals Chipotle and Papa John’s, Domino’s takeaway sales have increased significantly during the pandemic. Domino’s introduced new menu items earlier this year to try and maintain customers as more Americans start eating out.
- Its new flavor of chicken wings, cheeseburger, and chicken taco pizzas helped to boost U.S. same-store sales by 3.5%, hitting 41 consecutive quarters of increase against analysts’ expectation of 1.3% decline.
- Domino’s has also opened new stores to reduce delivery times and introduce contactless takeaway options for coronavirus-fearful customers.
- International same-store sales grew by 13.9% above the expected 8.9% increase by analysts. That boost came from new lockdowns in countries, including India and the United Kingdom whereby customers relied on online ordering.
The world’s biggest pizza chain made an effort to carry on the momentum of 18 months when online orders were at all-time high. DPZ is up 13% today.