Thursday October 14, 2021, 11:25:16
DPZ (Post-Call): Stock Shrugs Off U.S. Same-Store Sales Miss
Earlier today, Domino’s reported that its Q3 U.S. same-store sales declined by -1.9%. This was lapping a +17.5% figure from Q3 2020 — the best quarterly performance in this regard in over 20 years — but nevertheless the -1.9% was still a disappointment. It fell short of our +2.0% forecast and sell-side consensus (according to Consensus Metrix) of +1.6%. The -1.9% showing is the first negative same-store sales quarter for Domino’s U.S. since Q1 2011’s -1.4% (which lapped a +14.3% from Q1 2010).