Thursday February 23, 2023, 12:28:08

DPZ (Post-Call): Reduces 2-3 Year Targets for Net Unit Growth and Retail Sales Growth

By Mark Kalinowski

Earlier today, Domino’s reported Q4 EPS of $4.43. We note that this included +46 cents from store sales, which we subtract to obtain an adjusted Q4 EPS figure of $3.97. This was ahead of our $3.90 projection and sell-side consensus (according to Consensus Metrix) of $3.95.

Read more

Wednesday February 22, 2023, 07:00:00

DPZ: Updating Estimates Due to International Sales Softness

By Mark Kalinowski

Overnight last night, large Domino’s master franchisee Domino’s Pizza Enterprises (DMP.AU; Not Rated) reported that its group same-store sales for the second half of calendar 2022 declined by -0.6%. In addition, this master franchisee’s same-store sales for the first six weeks of calendar 2023 were down by -2.2%. Domino’s Pizza Enterprises – the master franchisee for several markets, including Australia, New Zealand, Japan, France, and Germany – states that it anticipates its full-fiscal 2023 same-store sales will fall below the 3-5 year annualized target range of +3% to +6%, citing what it terms “tumultuous trading conditions.” For more info:

Read more

Thursday October 13, 2022, 12:19:57

DPZ (Post-Call): Refranchising and Better-than-Expected U.S. Comps a Tasty Combo

By Mark Kalinowski

Earlier today, Domino’s reported Q3 EPS of $2.79, below our $3.05 forecast and sell-side consensus (according to Consensus Metrix) of $2.97. The Q3 tax rate was 23.8%, more onerous than our 19.5% estimate and consensus of 19.6%. We calculate that the difference between the Q3 actual tax rate and consensus cost Domino’s about -15 cents in Q3 EPS (in other words, excluding this tax-rate difference, Q3 EPS came in only -2 cents below consensus).

Read more