Shares of Domino's fell on Thursday after the pizza chain posted fourth-quarter earnings that missed Wall Street estimates.
Domino's also declared a 21% increase in the quarterly dividend.
Shares of the Ann Arbor, Mich., company at last check dropped 8% to $334.90.
In the quarter ended Jan. 3 Domino's earnings rose 11% to $3.46 a share from $3.16 a share in the year-earlier period.
Revenue climbed 18% to $1.36 billion from $1.15 billion.
A survey of analysts by FactSet produced consensus estimates of GAAP earnings of $3.94 a share on revenue of $1.39 billion.
The revenue increase was driven by higher U.S. and international retail sales. Same-store sales in the U.S. grew 11.2% in the quarter, the company said.
The profit in the quarter reflected higher U.S. and international franchise revenue as well as higher supply chain volumes.
Offsetting the higher profit in part were higher performance-based compensation expense and professional fees, as well as COVID-related costs, including additional compensation and enhanced sick pay for frontline workers.
The board declared a dividend of 94 cents a share, payable March 31 to holders of record on March 15.
Domino's said it expects global retail sales growth of 6% to 10% as part of its new two to three-year outlook.
During the fourth quarter, the pizza chain repurchased and retired 567,807 shares.
On Feb. 24, the board authorized a new $1 billion share-buyback program. The plan replaced the $76.6 million remaining from the previous buyback program.
Free cash flow according to GAAP for 2020 was $504 million.