Domino's Pizza (DPZ - Get Report) Chief Financial Officer Jeff Lawrence announced Tuesday during the company's third-quarter earnings conference call that the pizza chain would launch a $1 billion share buyback program.

Lawrence noted Domin's has returned $26.9 million to shareholders in the third quarter through its quarterly dividend of 65 cents a share.

"On average over the last 12 months we have not only generated more than $1 million per day in free cash flow but when you add our share repurchases and dividends together we have also returned more than $1 million per day to our shareholders," Lawrence said.

Domino's reported weaker-than-expected third-quarter earnings Tuesday and same-store sales that disappointed analysts as fierce competition in the food delivery market continued to hit the sector's bottom line.

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