Domino's Pizza sales surge amid coronavirus lockdowns
US same store sales spike 16% from a year ago
Economist Michael Szanto explains what is behind Domino's dominance during the coronavirus pandemic and why he considers it the 'McDonald's of pizza.'
Domino’s Pizza profit surged 29 percent in the three months through June as consumers chowed down on pizza while riding out the COVID-19 pandemic from home.
The Ann Arbor, Michigan-based pizza chain earned $118.7 million, or $2.99 a share, as revenue jumped 13 percent year-over-year to $920 million. Wall Street analysts surveyed by Refinitiv were expecting earnings of $2.24 a share on revenue of $911.5 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DPZ | DOMINO'S PIZZA INC. | 427.07 | -4.62 | -1.07% |
"I have never been more proud of our system of franchisees, operators and corporate team members for their continued passion and innovative spirit," CEO Ritch Allison said in a statement.
U.S. same-store sales spiked 16 percent from a year ago on their way to a 37th consecutive quarter of growth. Meanwhile, international sales were up 1.3 percent, gaining for the 106th straight quarter.
The company opened a net 84 locations during the second quarter, 39 in the U.S. and 45 overseas.
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Domino’s shares rose 40.8 percent year-to-date through Wednesday while the S&P 500 was down 1.3 percent.