Domino's quarterly sales surge but pandemic costs hit earnings; shares tumble

1

A employee moves pizza boxes before a delivery at a Domino’s Pizza Inc. restaurant in Chantilly, Virginia.

Andrew Harrer | Bloomberg | Getty Images

Domino’s Pizza on Thursday reported that its quarterly revenue rose 17.9%, led by more U.S. customers ordering pizza delivery during the coronavirus pandemic.

But earnings fell short of expectations, and shares fell more than 4% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $2.49 vs. $2.79 expected
  • Revenue: $968 million vs. $953 million expected

The pizza chain reported fiscal third-quarter net income of $99.1 million, or $2.49 per share, up from $86.4 million, or $2.05 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings of $2.79 per share.

Net sales rose 17.9% to $968 million, topping expectations of $953 million.

This is a breaking news story. Please check back for updates.

View original post