Jim Cramer Believes Domino's Should Rise on Street Lightning

Author:
Publish date:
Video Duration:
55

Domino's reported earnings on Thursday.

The pizza company's earnings were helped by heavy U.S. pizza consumption during the coronavirus pandemic.

Profit totaled $118.7 million, or $2.99 a share, up from $92.4 million, or $2.19, in the year-earlier period. Analysts surveyed by FactSet called for EPS of $2.24 a share in the latest quarter.

Domino’s Pizza posted revenue of $920 million in the second quarter, up from $811.6 million in the year-ago quarter. The FactSet analyst consensus was $914.6 million for the latest quarter.

“Global retail sales in the second quarter were positively impacted by U.S. same store sales, but were negatively impacted by temporary store closures in certain international markets,” Domino’s said in a statement.

“U.S. same store sales … were positively impacted by customer ordering behavior during the covid-19 pandemic, continuing the positive sales momentum in the company's U.S. stores business.”

The company announced that Jeffrey Lawrence decided to retire as CFO after more than 20 years. He will continue as CFO until the company finds a successor. Then he will serve as an adviser to Domino's Chief Executive Ritch Allison until year-end.

Here's what Jim Cramer thinks of the report. 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

Watch More of the Latest Videos on TheStreet and Jim Cramer