Recent Posts

DPZ (Post-Call): Saucy Same-Store Sales and Tangy Earnings

Earlier today, Domino’s reported adjusted Q2 EPS of $3.12, surpassing our $2.90 forecast and sell-side consensus (according to Consensus Metrix) of $2.88. U.S. same-store sales rose by +3.5% in Q2, successfully lapping the tough Q2 2020 figure of +16.1% (the second-best quarterly showing for Domino’s U.S. in the last 90 quarters through Q2 2021). This is helping to give investors comfort as Domino’s will lap challenging, double-digit numbers from Q3 2020, Q4 2020, and Q1 […]

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11:35 AM

DPZ: Could the Long-Term Unit Outlook be More than the Street Expects?

Are signs starting to emerge that Domino’s long-term worldwide unit growth potential could be meaningfully higher than the Street currently believes? On June 24th, Australia-based master franchisee Domino’s Pizza Enterprises (DMP.AU; Not Rated) stated that “Less than 12 months after opening the market’s 700th store, Domino’s Pizza Japan has set another record, opening 126 stores in one year, 10 in one day, and the 800th for the market. The milestone is a record for Domino’s […]

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4:21 PM

DPZ: Updating Our Same-Store Sales and EPS Projections

With this report, we boost our Q2E same-store sales forecasts as follows: (1) for Domino’s U.S., up by +120 basis points, to -1.0% (according to Consensus Metrix, sell-side consensus is at -1.8% as of this writing), and (2) for Domino’s International, up by +200 basis points, to +12.0% (sell-side consensus is at +10.0% as of this writing). This better-than-expected sales momentum — coupled with an ASR (accelerated share repurchase) — causes us to raise our […]

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4:26 PM

DPZ (Post-Call): Among the Best 2-Year Numbers in the US Restaurant Industry

Earlier today, Domino’s reported Q1 EPS of $3.00. This was higher than our $2.95 forecast and sell-side consensus (according to Consensus Metrix) of $2.94. We attribute the EPS outperformance to better-than-expected same-store sales in both the U.S. and International business segments. The Q1 tax rate of 21.3% was actually worse than our 18.0% projection. We calculate that this hampered Q1 EPS by about -12 cents relative to our projection. U.S. same-store sales rose by +13.4% […]

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1:14 PM

DPZ: Updating our EPS and Same-Store Sales Forecasts

With this report, we increase our Q1E U.S. same-store sales forecast for Domino’s by +260 basis points, to +10.5%. As of this writing, sell-side consensus (according to Consensus Metrix) is at +9.4%. Our increased forecast represents factors including: (1) quick-service delivery specialists still seem to be more appreciated by consumers in general, (2) stimulus-related consumer spending in January and in March, and (3) the return of the March Madness college basketball tournament — generating TV […]

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4:06 PM

DPZ (Post-Call): Tougher Year-on-Year Comparisons Getting Closer

Earlier today, Domino’s reported Q4 EPS of $3.85, above our $3.50 projection, but a little short of sell-side consensus of $3.88 (according to Consensus Metrix). The $3.85 figure includes a +39 cent boost from 2020’s extra, 53rd accounting week. The next 53-week fiscal year for Domino’s will be 2026. Fourth-quarter U.S. same-store sales grew by +11.2%. Although this was positive double digits, it was still short of our +14.0% estimate and consensus of +13.4%. As […]

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5:53 PM

DPZ: How Does Domino’s Stock Trade Heading Into, and During, Earnings?

Domino’s plans to release its Q4 2020 earnings before the market open on Thursday, February 25th. How do DPZ shares tend to trade heading into earnings, and on the day of an earnings release? To answer those questions, we complied data for the 23 prior earnings releases from Domino’s, examining the stock’s absolute performance, and performance relative to the S&P 500, for two time periods: (1) the week ahead of the scheduled earnings release, and […]

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2:54 PM

Updating our Q4E Kalinowski Quick-Service Pizza Same-Store Sales Index

With this report, we update our data-driven Kalinowski Quick-Service Pizza Index for Q4E to +12.1%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during October, November, and December. We believe that December same-store sales were likely the best month of the quarter, while October was helped by arguably the busiest Halloween ever for pizza delivery/carryout. That said, our updated +12.1% figure for Q4 2020 is sequentially […]

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12:00 AM

Look to Popeyes to Learn about Domino’s and Papa John’s

Both Domino’s (DPZ; Buy, $392.57) and Papa John’s (PZZA; Buy, $80.36) begin lapping very difficult year-over-year domestic same-store sales comparisons in Q2 2021. What can we learn about the recent history of restaurant concepts that have lapped difficult comparisons, in this regard? And, what might Popeyes Louisiana Kitchen (owned by Restaurant Brands International [QSR; Not Rated]) teach us about what to expect for Domino’s and Papa John’s domestic same-store sales in 2021? Our bottom line […]

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12:00 AM

Large Restaurant Concepts Closing a Lot Less Units than Independent

Looking at unit closures announced and planned by large restaurant chains, and comparing these to unit closures from mom-and-pops/independents, goes to show just how large a market-share shift is going on in the U.S. restaurant industry. We look for most, if not all, of this market-share shift in favor of large concepts to persist in the years after 2020. By our math, we look for large restaurant concepts — representing about 37% of the U.S. […]

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12:00 AM

DPZ (Post-Call) Higher Cheese and G&A Costs Matter

Earlier today, Domino’s reported that its Q3 EPS came to $2.49, short of our $2.79 forecast and sell-side consensus (according to Consensus Metrix) of $2.78 (which had been at $2.73 as recently as eight days ago). Domestic company-operated margins amounted to 19.8% in Q3, below our 23.4% estimate (and consensus at 24.4%). The culprit is high cheese costs — block cheese in general averaged about $2.25 per pound in Q3, the highest ever cost for […]

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12:00 AM

Updating our Q3E Kalinowski Quick-Service Pizza Same-Store Sales Index

With this report, we update our data-driven Kalinowski Quick-Service Pizza Index for Q3E to +13.6%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during July, August, and September. At present, sell-side consensus is less optimistic than us as regards the quickservice pizza segment’s same-store sales for the third quarter. When we weight the segment components identically as they’re weighted in the Kalinowski Quick-Service Pizza Index, and […]

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12:00 AM

DPZ Adjusting Our Q3E Estimates Ahead of 10.8 Earnings Release

Domino’s (DPZ; Buy, $423.46) plans to report its third-quarter earnings before the market open on Thursday, October 8th. Ahead of this, we raise our Q3E same-store sales forecasts for the U.S. (by +100 basis points, to +15.0%; according to Consensus Metrix sell-side consensus is at +13.4%) and International (by +50 basis points, to +5.0%; consensus is at +2.1%). Given these adjustments, we take up our Q3E EPS estimate by +3 cents, to $2.79 (consensus is […]

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12:00 AM

DPZ Introducing Various EPS Estimates (and Some Tidbits)

With this report, we introduce our quarterly EPS estimates for Domino’s (DPZ; Buy, $376.32) for 2021E as follows: Q1E: $2.85 Q2E: $2.95 Q3E: $3.00 Q4E: $4.25 These quarterlies sum to our (unchanged) full-year 2021E EPS forecast of $13.05. With this report, we also introduce our full-year 2022E EPS projection of $14.65 Read the Full Report

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12:00 AM

DPZ Updating Our Forecasts (Again)

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. The increase to our Domino’s International Q3E same-store sales […]

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12:00 AM

DPZ Updating Our Forecasts

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 — […]

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12:00 AM

DPZ (Post-Call) Q2 Serves Up Hot Results Will Q3 Take Flight with Wings

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 […]

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12:00 AM

Quick-Service Pizza Market Share Opportunities for DPZ & PZZA

Is it possible the Street is underestimating sales and market-share opportunities in 2021 for the larger publicly-traded quick-service pizza concepts? We believe that Domino’s (DPZ; Buy, $374.09) and Papa John’s (PZZA; Buy, $83.66) both remain well-positioned for the future for multiple reasons, but this particular factor may be underappreciated. Incidentally, it’s possible for Pizza Hut (owned by Yum Brands [YUM; Neutral, $86.55]) to benefit from the same issue, although Pizza Hut will over the short-to-medium […]

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12:00 AM

DPZ Even Our High on the Sell-Side Q2E U.S. Comp Forecast Proves Too Low

After yesterday’s (Tuesday’s) market close, Domino’s (DPZ; Buy, $360.16) provided a business update. Following our May 12th report in which we raised our Q2E samestore sales forecast to a sell-side high of +8.6% (it is still the high sell-side forecast as of 4 PM Eastern time yesterday, according to Consensus Metrix), Domino’s comments that its April 20-May 17 U.S. same-store sales rose by +20.9%, placing Q2-to-date (through May 17th) at +14.0%. Given this exceptional momentum, […]

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12:00 AM

DPZ Updating Our Rating on Domino’s

With this report, we upgrade our rating on the shares of Domino’s (DPZ) to Buy (from Neutral). Our upgrade is based on multiple factors, including: (1) we raise our Q2E U.S. same-store sales forecast by +190 basis points, to +8.6% — not only above sellside consensus (according to Consensus Metrix) of +6.8%, but also the new “highon-the-sell-side” forecast, (2) this summer’s new U.S. product launch could prove to be a hit, (3) while we are […]

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12:00 AM

DPZ (Post-Call) Investments and Currencies Likely to Slice Q2 EPS

Earlier today, Domino’s (DPZ; Neutral, $364.00) reported Q1 EPS of $3.07, well above our $2.35 forecasts and sell-side consensus (according to Consensus Metrix) of $2.32. The earnings beat is largely due to tax rate, which came in at -3.7% (i.e., a helpful tax rate) vs. our 19.0% forecast and consensus of 18.7%. If the Q1 tax rate had been 19.0% (and nothing else in the Q1 income statement was changed), we estimate that Q1 EPS […]

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12:00 AM

DPZ Updating Our Same-Store Sales and EPS Estimates for 2020E & 2021E

We adjust our U.S. blended (company-owned and franchised combined) same-store sales estimates for Domino’s (DPZ; Neutral) as follows: Q1E 2020: down by -190 basis points to an actual of +1.6% Q2E 2020: down by -240 basis points to +0.6% Q3E 2020: down by -190 basis points to +2.1% Q4E 2020: stays at +3.5% Full-year 2020E: down by -170 basis points to +2.0% Full-year 2021E: up by +50 basis points to +3.5% For details on our […]

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12:00 AM

DPZ (Post-Call) Bakes Up a Tasty Investor Response to Q4 Results

Earlier today, Domino’s (DPZ; Buy, $365.12) reported adjusted Q4 EPS of $3.13, coming in ahead of our $2.99 forecast and sell-side consensus (according to Consensus Metrix) of $2.97. Upside was driven in part by better-than-expected U.S. same-store sales, which came in at +3.4% versus our +3.0% projection and consensus of +2.1%. Company-owned same-store sales rose by +3.9%, ahead of our +2.2% estimate and consensus of +1.8%. Franchised U.S. same-store sales increased by +3.3%, beating our […]

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12:00 AM

DPZ Reminder Lunch in Orlando (ICR) Planned for Tuesday, January 14th

Reminder! Institutional investors are invited to join Kalinowski Equity Research as it hosts a group lunch with Domino’s management in Orlando, Florida (during ICR Conference 2020) on Tuesday, January 14th. Domino’s management planning to participate include (1) CFO Jeff Lawrence, and (2) Director of Investor Relations Chris Brandon. This lunch meeting should be well-timed, with several topics of interest to investors likely to be discussed. These topics include: (1) how Domino’s continues to differentiate itself […]

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12:00 AM

DPZ Lunch in Orlando (ICR) Planned for Tuesday, January 14th

Institutional investors are invited to join Kalinowski Equity Research as it hosts a lunch with Domino’s management in Orlando, Florida (during ICR Conference 2020) on Tuesday, January 14th. Domino’s management planning to participate include (1) CFO Jeff Lawrence, and (2) Director of Investor Relations Chris Brandon. This lunch meeting should be well-timed, with several topics of interest to investors likely to be discussed. These topics include: (1) how Domino’s continues to differentiate itself from its […]

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12:00 AM

DPZ (Post-Call) Updates Long-Term SameStore Sales Targets

Earlier today, Domino’s (DPZ; Neutral) reported Q3 EPS of $2.05, a little short of our $2.09 forecast and sell-side consensus of $2.07. Tax rate (21.7% actual vs. our 20.0% projection) accounts for the difference between our EPS estimate and the actual. The company also updates some of its long-term targets, which has the silver lining of being more realistic targets — as of this writing, investors are focusing on this silver lining, with the shares […]

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12:00 AM

DPZ (Post-Call) Updating EPS Estimates for G&A and Other Items

Earlier today, Domino’s (DPZ; Neutral) reported Q3 EPS of $2.05, a little short of our $2.09 forecast and sell-side consensus of $2.07. Tax rate (21.7% actual vs. our 20.0% projection) accounts for the difference between our EPS estimate and the actual. The company also updates some of its long-term targets, which has the silver lining of being more realistic targets — as of this writing, investors are focusing on this silver lining, with the shares […]

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12:00 AM

DPZ Introducing Some EPS Estimates Update on Plant-Based Beef

With this report, we introduce our quarterly EPS estimates for 2020E for Domino’s (DPZ; Neutral) as follows: (1) Q1E $2.40, (2) Q2E $2.32, (3) Q3E $2.40, and (4) Q4E $3.58. These quarterlies sum to our unchanged full-year 2020E EPS forecast of $10.70. Please keep in mind that 2020 is a 53-week fiscal year for Domino’s. We also — with this report — introduce our full-year 2021E EPS projection of $12.35. We maintain our Neutral rating […]

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12:00 AM

DPZ Changing Our Rating on the Shares of Domino’s

With this report, we downgrade the shares of Domino’s (DPZ) to Neutral (from Buy). Our downgrade reflects (1) growing concerns that over the next 12-18 months, competition from third-party delivery aggregators will have a larger (i.e., worse) effect on Domino’s U.S. same-store sales than they did over the last 12-18 months, (2) our worries that the law of large numbers may have finally caught up with Domino’s U.S. following the annual +5.4% to +12.0% same-store […]

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12:00 AM

DPZ Update to 2019 Franchise Disclosure Document Provides More Info

In our June 17th report “DPZ: 2019 Franchise Disclosure Document Review for Domino’s,” (see also our June 18th “DPZ: Clarification re: 2019 Franchise Disclosure Document Review for Domino’s”) we included tables showing average weekly unit sales and median weekly unit sales for franchised, company-owned, and combined Domino’s U.S. stores for 2013-17 because — as of June 17th — data in this respect for 2018 was not yet part of the Franchisee Disclosure Document (FDD). However, […]

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12:00 AM

DPZ The Low Point for The New Normal… Or Not

Earlier today, Domino’s (DPZ; Buy) reported second-quarter EPS of $2.19, ahead of our $2.04 forecast and sell-side consensus (according to Consensus Metrix) of $2.02. However, a lower-than-projected tax rate of 12.9% (versus our 20.5% projection and consensus of 19.8%) helped EPS by about $0.20 relative to our forecast. On the other hand, EPS was hampered by about $0.04 related to a loss on the sale of 59 New York City area stores. Taking the tax-rate […]

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12:00 AM

Correlating Grubhub Data and U.S. Restaurant Sectors Same-Store Sales Trends

With third-party delivery aggregators continuing to grow, providing additional convenience to the consumer, we decided to look at various quarterly data provided by Grubhub (GRUB; Not Rated), correlating these data sets with various sectors’ same-store sales (for U.S. chain restaurants). To do this, we used six different Kalinowski Restaurant Industry Index sector indices, which are sorted by brand type and based on the weighted-average components from 48 different publiclytraded restaurant concepts. (The weightings are based […]

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12:00 AM

DPZ Clarification re 2019 Franchise Disclosure Document Review for Dominos

In our Domino’s (DPZ; Buy) report published yesterday (“DPZ: 2019 Franchise Disclosure Document Review for Domino’s”), we noted that “The Royalty Fee for a Domino’s U.S. franchisee is 5.5% of sales, and the Advertising Fund contribution for a Domino’s U.S. franchisee is 4% of sales.” We want to clarify that at present, Domino’s U.S. franchisees are funding the Domino’s National Advertising Fund (DNAF) at a rate of 6% of sales, as the other 2% that […]

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12:00 AM

DPZ 2019 Franchise Disclosure Document Review for Dominos

Not too long ago, Domino’s (DPZ; Buy) filed its 600+ page Franchise Disclosure Document (FDD) for 2019. In this report, we cite some of the highlights from that document following our review of it, including our review of it in comparison to last year’s Franchise Disclosure Document. For example, in 2018, the Advertising Fund spent $401,643,843. This was an +11.1% increase over what the Advertising Fund spend in 2017. On top of this, during 2018, […]

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12:00 AM

DPZ Our Meeting with Management in Ann Arbor

We recently met with Domino’s (DPZ; Buy) — including CEO Ritch Allison, Executive Vice President and CFO Jeff Lawrence, and Director of Investor Relations Chris Brandon — in Ann Arbor, Michigan. We thank them for their time! Topics of interest that were asked about include Domino’s plans to fight off delivery aggregators and other competition (“The good news is, the strategies to play offense against the aggregators are exactly the same as the strategies to […]

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12:00 AM

Updating our Q2E19 Kalinowski Quick-Service Pizza Same-Store Sales Index

With this report, we update our data-driven Kalinowski Quick-Service Pizza Index for Q2E by +40 basis points, to +1.7%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during April 2019 and the beginning of May 2019. At present, sell-side consensus is a touch less optimistic than us as regards Q2E. When we weight the segment components identically as they’re weighted in the Kalinowski Quick-Service Pizza Index, […]

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12:00 AM

DPZ (Post-Call) Investors Getting Used to Domino’s New Normal

Earlier today, Domino’s (DPZ; Buy) reported Q1 EPS of $2.20, ahead of our $2.10 forecast and sell-side consensus (according to Consensus Metrix) of $2.09. The Q1 tax rate came in at 15.1%, more favorable than our 20.5% estimate (and 20.5% consensus). By our math, had the Q1 actual tax rate been 20.5%, then all else equal, Q1 EPS would have been $2.06. U.S. same-store sales growth reached +3.9%, a little underneath our +4.5% forecast and […]

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12:00 AM

DPZ The Night King Commands Us to Update Our Forecasts Ahead of the Q1 Release

Ahead of Domino’s (DPZ; Buy) first quarter earnings release scheduled for before the market open on Wednesday, April 24th, we raise our Q1 U.S. (blended) samestore sales forecast by +160 basis points, to +4.5%. Based on our checks, we believe that Domino’s latest ad campaign — centered around “Points for Pies” — has been successful. Consumers apparently have responded well to the aspect of this that points can be earned from “eating any pizza you […]

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12:00 AM

A Quick Look at the Fastest-Growing Restaurant Brands in the U.S.

During 2018, 175 restaurant brands generated at least $200 million in U.S. systemwide sales, according to data compiled by Technomic. For these 175 brands, which ones were the fastest growing? In this report, we look at the top 20 brands of these 175 that expanded their U.S. systemwide sales at the fastest rate last year. In general, market-share gains remain highly important in the U.S. restaurant industry, as the domestic restaurant industry remains essentially mature. […]

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12:00 AM

Tidbits re U.S. Pizza-Sector Market Share Trends, MCD, and Luckin Coffee

We briefly note the following tidbits regarding pizza-sector market-share trends in the U.S., McDonald’s (MCD; Buy), and privately-held Luckin Coffee: * U.S. PIZZA-SECTOR MARKET-SHARE TRENDS. In the U.S., the quick-service pizza segment generated $42.95 billion in sales during 2018, according to data from Technomic. This represents year-over-year growth of +3.5%. Putting these numbers in context, the overall U.S. restaurant industry totaled about $556.36 billion in 2018 sales, up by +3.6% year-over-year. (FYI, Technomic projects U.S. […]

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12:00 AM

Tidbits re MCD, DPZ, and KFC (owned by YUM)

We briefly note the following tidbits regarding McDonald’s (MCD; Buy), Domino’s (DPZ; Buy), and KFC (owned by Yum Brands [YUM; Buy]): * McDONALD’S. The Chicago Tribune reports that “Representatives of a large company have met with village engineers as part of a due diligence process leading to the possible purchase of the McDonald’s campus property in Oak Brook [Illinois], Village President Gopal Lalmalani said Thursday. Lalmalani stopped short of identifying the company interested in purchasing […]

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12:00 AM

Tidbits re DPZ, Taco Bell (owned by YUM), and Pizzeria Locacle (owned by CMG)

We briefly note the following tidbits regarding Domino’s (DPZ; Buy), Taco Bell (owned by Yum Brands [YUM; Buy]), and Pizzeria Locale (owned by Chipotle Mexican Grill [CMG; Not Rated]): * DOMINO’S UK. Following up on our tidbits report yesterday — our latest report detailing the strife between UK-based master franchisee Domino’s Pizza Group plc [DOM.LN; Not Rated] and several of its franchisees — Domino’s Pizza Group has responded to Sunday’s comments that appeared in the […]

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12:00 AM

Tidbits re KFC (owned by YUM), DNKN, and DPZ

We briefly note the following tidbits regarding KFC (owned by Yum Brands [YUM; Buy]), Dunkin’ (owned by Dunkin’ Brands Group [DNKN; Neutral]), and Domino’s (DPZ; Buy): * KFC UK. Multiple UK-based media outlets report that another supplier issue may be brewing as regards KFC UK. For example, in an article dated March 14th, The Sun reports that “KFC fans fear another chicken shortage after main supplier DHL quit. From Monday [March 18th] the finger-lickin’-good food […]

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12:00 AM

Introducing our Q1E Kalinowski Quick-Service Pizza Same-Store Sales Index

With this report, we introduce our data-driven Kalinowski Quick-Service Pizza Index for Q1E at -0.1%. This figure is based on our latest proprietary checks/data as regards same-store sales performance for this segment during January 2019 and most of February 2019. At present, sell-side consensus is a little more optimistic than us as regards Q1E. When we weight the segment components identically as they’re weighted in the Kalinowski Quick-Service Pizza Index, and apply the current sell-side […]

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12:00 AM

Tidbits re DPZ, DNKN, and MCD

We briefly note the following tidbits regarding Domino’s (DPZ; Buy), Dunkin’ (owned by Dunkin’ Brands Group [DNKN; Neutral]), and McDonald’s (MCD; Buy): * DOMINO’S. Kalinowski Equity Research is hosting a headquarters visit to Domino’s Pizza (DPZ) in Ann Arbor, Michigan on Wednesday, May 22nd. Management attendees will include CEO Ritch Allison and EVP & CFO Jeff Lawrence. * KALINOWSKI’S TAKE: This will be an excellent opportunity for Q&A with Mr. Allison (who became CEO of […]

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12:00 AM

DPZ (Post-Call) Is +3% to +6% U.S. Same-Store Sales (Finally) the New Normal

Earlier today, Domino’s (DPZ; Buy) reported Q4 2018 EPS of $2.62, short of our $2.71 projection and sell-side consensus (according to Consensus Metrix) of $2.69. The tax rate in Q4 2018 was 17.0%, versus our 20.8% estimate and consensus of 20.8%. By our math, Q4 EPS would have been closer to $2.50 if the Q4 tax rate had been closer to our forecast/consensus. Restaurant-level margins at company-owned units were 23.1%, versus our 24.0% estimate. G&A/Revenues […]

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12:00 AM

Tidbits re DPZ, JACK, Tim Hortons (owned by QSR) and Blaze Pizza

We briefly note the following tidbits regarding Domino’s (DPZ; Buy), Jack in the Box (JACK; Not Rated), Tim Hortons (owned by Restaurant Brands International [QSR; Not Rated], and privately-held Blaze Pizza: * DOMINO’S. UK-based media outlet The Sunday Times reports that “Domino’s Pizza [UK] has been forced into an embarrassing climbdown as its store owners grow increasingly disgruntled over profits. The FTSE 250 company has written to franchisees to announce that it will cancel its […]

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12:00 AM

Restaurants The Set-Up into the Print re CAKE, WEN, DIN, DPZ, and PZZA

A number of restaurant companies are scheduled to report quarterly earnings over the February 20-26 time frame, including The Cheesecake Factory (CAKE; Neutral), Wendy’s (WEN; Neutral), Dine Brands (DIN; Buy), Domino’s (DPZ; Buy), and Papa John’s (PZZA; Neutral). In this report, we look at the set-up into the print for each of these five companies: * THE CHEESECAKE FACTORY. The Cheesecake Factory is scheduled to report its Q4 2018 earnings after the market close on […]

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12:00 AM

Tidbits re Taco Bell (owned by YUM), DPZ, and MCD

We briefly note the following tidbits regarding Taco Bell (owned by Yum Brands [YUM; Buy]), Domino’s (DPZ; Buy), and McDonald’s (MCD; Buy): * TACO BELL. Breaking news! We have learned that Taco Bell is testing a taco with BACON used as the taco shell. One of our industry sources who was fortunate enough to try it indicates that it was similar to Taco Bell’s popular Naked Chicken Chalupa, but with bacon instead of chicken. Taco […]

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12:00 AM

Tidbits re DPZ, CMG, and Subway

We briefly note the following tidbits regarding Domino’s (DPZ; Buy), Chipotle Mexican Grill (CMG; Not Rated), and privately-held Subway: * DOMINO’S. On January 29th, UK-based Domino’s Pizza Group plc (DOM.LN; Not Rated) reported same-store sales for the 13-week period ended December 30th rose by +4.5% in the UK market and by +7.5% in the Republic of Ireland. (FYI, these two markets combined — with the UK market the largest of the two — generated 92.2% […]

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12:00 AM
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