Domino's Records 12.7% Rise In Total Revenue For Quarter That Ended On March 28
Domino's Pizza Inc has recorded a 12.7% rise in total revenue for the quarter that ended on March 28.
Wall Street's Expectations For Quarterly Profit
Domino's beat Wall Street's expectations for quarterly profit and US sales as the fast food chain benefitted from easing dining restrictions as well as accelerated vaccine rollouts in the country.
The delivery business of the world's largest pizza chain remained strong, especially outside the US.
In its international markets, where restrictions are more stringent, people chose to order-in, helping same-store sales of the company grow 11.8% in the first quarter. Analysts were expecting a 6.32% rise, according to IBES data from Refinitiv.
Sales At US Stores Open For More Than A Year
The company said that sales at its US stores open for more than a year rose 13.4% in the quarter that ended on March 28, exceeding estimates of a 9.54% gain.
Net Income Figures
Net income fell to $117.8 million, or $3 per share, from $121.6 million, or $3.07 per share, a year earlier. However, that surpassed expectations of $2.94 per share.
Shares And Stock Figures
Shares of Domino's fell 2.2% to $395.02 in early trading as the company missed revenue expectations by a whisker. Its stock had gained approximately 30% last year.
Total Revenue Figures
Total revenue rose by 12.7% to $983.7 million in the first quarter, which was below analysts' estimates of $984.77 million.