Domino's Pizza Sees Growth In FY24, Cuts Store Growth View; Backs Long-term Forecast - Update

(RTTNews) - Domino's Pizza, Inc. (DPZ) Thursday said it now expects growth of around 6 percent in annual global retail sales and 8 percent in annual income from operations in fiscal 2024.

Meanwhile, the world's largest pizza company now projects global net store growth of 800 to 850 in 2024, lower than previously projected 825 to 925 stores, amid the the challenging macroeconomic environment and its impact on current business trends across the globe.

For fiscal 2025, the company expects annual global retail sales growth and annual income from operations growth to be generally in line with its 2024 expectations.

Further, Domino's Pizza maintained its long-term guidance - for 2026-2028- of 7 percent annual global retail sales growth and 8 percent annual income from operations growth.

On October 8, the company's Board of Directors declared a $1.51 per share quarterly dividend for shareholders of record as of December 13, to be paid on December 27.

In its third quarter, Domino's Pizza's net income decreased 0.5 percent to $146.92 million from $147.68 million last year, while earnings per share grew 0.2 percent to $4.19 from last year's $4.18, and beat the Street estimates.

Analysts on average had expected the company to earn $3.65 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 5.2 percent to $1.080 billion from $1.027 billion last year.

U.S. same store sales growth was 3 percent, and International same store sales growth, excluding foreign currency impact, was 0.8 percent.

In pre-market activity on the NYSE, Domino's Pizza shares were losing around 2.3 percent to trade at $403.90.

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