Domino’s: Announces Q3-2022 Financial Results

Ann Arbor / MG. (dp) Domino’s Pizza Inc., the largest pizza company in the world, announced results for the third quarter of 2022. Global retail sales, excluding the negative impact of foreign currency, grew 4.7 percent in the third quarter of 2022. Without adjusting for the impact of foreign currency, global retail sales declined 1.6 percent in the third quarter of 2022.

U.S. same store sales increased 2.0 percent and international same store sales (excluding foreign currency impact) declined 1.8 percent during the third quarter of 2022. The decline in international same store sales (excluding foreign currency impact) was driven in part by a value added tax holiday in the United Kingdom in the third quarter of 2021 that did not recur in the third quarter of 2022. The Company had third quarter global net store growth of 225 stores, comprised of 24 net U.S. store openings and 201 net international store openings.

Diluted EPS for the third quarter of 2022 was USD 2.79, a decrease of 13.9 percent from diluted EPS of USD 3.24 in the third quarter of 2021.

Subsequent to the end of the third quarter of 2022, on October 11, 2022, the Company’s Board of Directors declared a USD 1.10 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2022 to be paid on December 30, 2022.

Additionally, subsequent to the end of the third quarter of 2022, on September 16, 2022, certain of the Company’s subsidiaries issued a new variable funding note facility which allows for advances of up to USD 120.0 million of Series 2022-1 Variable Funding Senior Secured Notes, Class A-1 Notes. The 2022 Variable Funding Notes were undrawn on the Closing Date. The Company’s existing USD 200.0 million Series 2021-1 Variable Funding Senior Secured Notes, Class A-1 Notes also remain in place.

Further, subsequent to the end of the third quarter of 2022, the Company sold 114 U.S. Company-owned stores in Arizona and Utah to certain of its franchisees for USD 41.1 million, and the Company expects to record a gain on this transaction in the fourth quarter of 2022. The accounting for this transaction is still in process.

«I’m encouraged with our performance and the sequential improvements we made during the third quarter. Our team members and franchisees around the world continued to show the agility and perseverance required to operate in a volatile macro-economic environment,» said Russell Weiner, Domino’s Chief Executive Officer. «As we begin the fourth quarter, I believe Domino’s is poised to emerge from these volatile times stronger than ever. We delivered around one out of every three pizzas in the United States before the pandemic, and we deliver around one out of every three pizzas today. Combined with our strong carryout business where we have continued to accelerate our momentum, I have never been more confident in the future of Domino’s Pizza.»

For additional information please read the Company’s PDF file below (139 KB):

20221015-DOMINOS-Q3-2022
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