Domino's DPZ shares fell after the pizza chain reported its lowest U.S. same-store-sales growth in years, as the the coronavirus crisis intensifies.
The Ann Arbor, Mich., chain said it was also withdrawing its financial guidance for 2020.
Domino's stock at last check dropped 6.3% to $324.82, while the S&P 500 index is trading about flat with Monday's close.
The company reported preliminary first-quarter same-store sales in the U.S. grew 1.6% from a year earlier. The figure deflated hopes that social-distancing restrictions might trigger a takeout-pizza bonanza.
The 1.6% growth was the lowest Domino's has recorded in its 36-quarter streak of same-store-sales expansion, which began in 2011, according to trade-industry publication Restaurant Business.
While Domino's has managed to keep all but a "handful" of stores in the U.S. open, fallout from the impact of the coronavirus began appearing in February and was "ramping up into March," said Ritch Allison, the pizza giant's CEO, in a statement.
"Shelter-in-place directives, pantry loading, university and school closures, event cancellations and the lack of live televised sports have all impacted our business in ways we cannot yet fully quantify," Allison said.
Sales from stores overseas, where 1,400 stores have closed, rose 1.5% over the year-earlier quarter, Domino's said.
As a "precautionary measure," given the "market uncertainty arising from Covid-19," Domino's said it has drawn down the remaining $158 million on its credit line and now has a stockpile of $300 million in cash.