Wednesday August 26, 2020, 00:00:00
By Mark Kalinowski
Less than a week ago, we raised our Q3E same-store sales and EPS estimates in our report “DPZ: Updating Our Forecasts” (today’s report is best read in conjunction with that report). With this report, we further take up our Q3E same-store sales projection for Domino’s International business, by +150 basis points to +4.5%. Sellside consensus (according to Consensus Metrix) is at +2.0% as of this writing.
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Friday August 21, 2020, 00:00:00
By Mark Kalinowski
With this report, we raise our Q3E same-store sales forecasts and EPS estimate for Domino’s. For U.S. same-store sales, we move up our Q3E projection by +200 basis points, to +14.0% (above current sell-side consensus of +12.1%, according to Consensus Metrix). We believe that U.S. quick-service pizza sector same-store sales momentum coming off of an exceptional Q2 has been retained to a greater degree than anticipated so far into Q3, and it’s likely Domino’s — the largest pizza concept in the U.S. — is participating in this trend.
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Thursday July 16, 2020, 00:00:00
By Mark Kalinowski
Earlier today, Domino’s (DPZ; Buy, $408.48) reported Q2 EPS of $2.99, well ahead of our $2.15 forecast and sell-side consensus (according to Consensus Metrix) of $2.27. Even excluding a better-than-expected tax rate (4.7% actual vs. our 19.4% estimate and consensus of 17.8%), Q2 EPS would have been +37 cents better than our forecast and +30 cents better than consensus. Better-than-expected G&A/ Revenues (9.6% actual vs. our 11.5% estimate and consensus of 10.6%) accounted for +23 cents of the EPS beat relative to consensus.
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