Pizza restaurant chain Domino’s Pizza (NYSE: DPZ) fell as the company’s revenues declined by 3.8% year-over-year to $40.6 million in the second quarter, which missed analysts’ forecasts of $1.07 billion. Domino’s revenues fell due to market basket pricing to stores dropping by 2.4% year-over-year and lower order volumes. Same-store sales in the U.S. grew by only 0.1% in Q2.
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The company announced Q2 earnings of $3.08 per share as compared to $2.82 per share in the same period last year, beating consensus estimates of $3.06 per share.
Global retail sales went up by 5.8% in the second quarter, excluding the impact of currency exchange fluctuations.
Russell Weiner, Domino’s CEO commented, “We will also benefit globally from the deal we recently announced with Uber. Over two-thirds of our stores around the world will have the ability to take orders from Uber Eats.”
Domino’s Board of Directors declared a quarterly dividend of $1.21 per share for shareholders of record as of September 15, 2023, to be paid on September 29.
Analysts are cautiously optimistic about DPZ stock with a Moderate Buy consensus rating based on 13 Buys, nine Holds, and two Sells.
