An employee carries an order for a customer at a Domino’s Pizza restaurant in Detroit.
Sean Proctor | Bloomberg | Getty Images
Domino’s Pizza reported mixed third-quarter results Thursday as the pizza chain works to manage rising costs and a volatile economic environment.
The Ann Arbor, Michigan-based company’s earnings per share came in short of Wall Street expectations, while revenue topped estimates.
In the U.S., same-store sales rose 2% in the quarter. Domino’s has been struggling to meet the higher demand levels during the earlier days of the Covid-19 pandemic, when people were hunkering down at home and ordering in more.
Shares of Domino’s were up over 5% in pre-market trading.
“I’m encouraged with our performance and the sequential improvements we made during the third quarter,” Domino’s CEO Russell Weiner said in a statement.
Here’s how the pizza company performed compared with Wall Street estimates, according to Refinitiv:
- Earnings per share: $2.79, adjusted vs. $2.97 expected.
- Revenue: $1.07 billion vs. $1.06 billion expected.
Domino’s has also been hurt by rising costs and an ongoing shortage of delivery drivers that has dented sales. Shares of the Ann Arbor, Michigan-based company hit a 52 week low on Wednesday, trading at $299.41 per share. It traded as high as $567 within the last year.
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Source: https://www.cnbc.com/2022/10/13/dominos-pizza-dpz-reports-q3-2022-earnings.html