Domino's Pizza Cooks Up Something Amazing, but Wall Street Gives it Cold Shoulder
Domino's Pizza Inc. (DPZ) - Get Report delivered a hot second quarter, domestically, but Wall Street isn't digging in.
Before Tuesday, July 25's market open, the pizza eatery chain reported second-quarter earnings of $1.32 a share on revenue of $628.6 million, beating analysts' estimates for earnings of $1.23 a share on $610 million in revenue.
Domino's same-store sales in the U.S. popped 9.5% and the company opened 39 net new restaurants in the quarter.
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"Our U.S. results continue to amaze me," Domino's CEO Patrick Doyle said on an earnings call with analysts. "It refuses to level off or become complacent. We've never been more aligned as a domestic system. Our domestic business is getting it done to say the least."
In the U.K., the results were not as savory. Domino's reported that same-store sales rose a tepid 2.6% internationally, with weakness in Europe driving the segment down.
Doyle said on the call that Domino's pressures in Europe are "known and fixable."
Shares dived 9.24% to $194.21 in this morning's trading.
Domino's also announced that it will be opening its 17th supply chain center sometime in 2018. Plus, the company launched new "bread twists" in garlic, Parmesan and cinnamon flavors.
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