Domino’s sales sizzle as homebound Americans feast on pizza

Domino’s U.S. stores are nearly all open, though dining rooms are closed

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Domino’s Pizza Inc. on Thursday reported that its U.S. sales accelerated in April as consumers stay at home because of the coronavirus pandemic.

The pizza chain, based in Ann Arbor, Mich., said U.S. same-store sales increased 7.1% compared with last year between March 23 and April 19. Overall U.S. retail sales were 10.7% higher during that period, the company reported.

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For the quarter ended March 22, Domino’s revenue rose 4% to $873.1 million, compared with $836 million in the year-earlier period. Analysts polled by FactSet had expected revenue of $869 million.

Same-store sales grew by 1.6% in the U.S. in the first quarter.

Last month, Domino’s said it would hire more than 10,000 workers to meet demand for its pizza during the pandemic. Domino’s hiring plans contrasted with broad layoffs in the service sector during the coronavirus pandemic, which helped push U.S. jobless claims to record highs since mid-March.

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Domino’s first-quarter profit grew to $121.6 million, or $3.07 a share, compared with $92.7 million, or $2.20 a share, a year ago.

Wall Street was expecting an adjusted profit of $2.32 a share.

Domino’s U.S. stores are nearly all open, though their dining rooms are closed to promote social distancing during the pandemic, the company said. Worldwide, about 1,750 Domino’s locations are temporarily closed.

Domino’s has more than 17,000 global locations, including a mix of company-owned restaurants and franchises.