Domino's Pizza Inc DPZ shares are trading higher Thursday after the company reported third-quarter financial results.
Domino's said third-quarter revenue increased 7.1% year-over-year to $1.07 billion, which beat average analyst estimates of $1.06 billion, according to Benzinga Pro. The company reported quarterly earnings of $2.79 per share, which missed average analyst estimates of $2.97 per share and was down 13.9% year-over-year.
U.S. same store sales increased 2.0% during the third quarter, while international same store sales fell 1.8%.
Domino's said it opened 225 stores globally in the third quarter, comprised of 24 U.S. store openings and 201 international store openings. The company also sold 114 U.S. stores to franchisees for $41.1 million. Domino's expects to record a gain on the store sales in the fourth quarter.
"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, CEO of Domino's.
"As we begin the fourth quarter, I believe Domino's is poised to emerge from these volatile times stronger than ever."
Domino's expects 2022 capital expenditures of $100 million, down from previous guidance of $120 million. Foreign currency exchange rates are expected to negatively impact 2022 revenues by $29 million to $31 million, up from previous guidance of $22 million to $26 million.
DPZ Price Action: Domino's has a 52-week high of $564.72 and a 52-week low of $299.41.
The stock was up 8.39% at $327.07 Thursday morning.
Photo: courtesy of Domino's.
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