Domino’s Pizza (NYSE: DPZ) reported its Fiscal third-quarter results with earnings of $4.18 per diluted share, up by 49.8% year-over-year, beating consensus estimates of $3.31 per share. The pizza chain’s sales increased by $1.03 billion, a decline of 3.9% year-over-year as compared to analysts’ forecasts of $1.05 billion.
The company’s same-store sales declined by 0.6% during the third quarter of 2023 while international same-store sales (excluding currency exchange fluctuations) went up by 3.3%.
Looking forward, the company stated in its press release that over the long term, it “expects its 2023 global net store growth to trend at or slightly below the low-end of its 5% to 7% two- to three-year outlook.” Moreover, Domino’s has forecasted its global retail sales growth in FY23, excluding currency exchange fluctuations, to be slightly below the mid-point of its 4% to 8% outlook for the next two to three years.
Is DPZ a Good Stock to Buy?
Overall, Wall Street analysts are cautiously optimistic about Domino’s Pizza with a Moderate Buy consensus rating based on 13 Buys, six Holds, and one Sell. Analysts have an average DPZ price target of $417.55 with an upside potential of 17.9% at current levels.
