Why Is Domino’s Pizza (DPZ) Stock Down 12% Today?
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Domino’s Pizza (NYSE:DPZ) stock is sliding lower on Thursday after the fast-food company announced earnings results for its second quarter of 2024.
The Domino’s Pizza earnings report starts with its diluted earnings per share of $4.03. That’s better than Wall Street’s estimate of $3.65 per share. It’s also a 30.8% improvement year-over-year compared to $3.08.
The revenue reports by Domino’s Pizza for Q2 2024 came in at $1.1 billion. This matches what analysts were expecting from the company. It’s also a 7.1% jump from the $1.02 billion reported in the same period of the year prior.
Domino’s Pizza CEO Russell Weiner said the following in the earnings report.
“For the second straight quarter we drove U.S. comp performance in the healthiest way possible, through profitable order count growth. We had positive order counts in our delivery and carryout businesses, and across all income cohorts. Our strategy is resonating with customers and our system, which gives me great confidence that we can drive significant long-term value creation for our shareholders.”
DPZ Stock Guidance
Despite the strong earnings report, Domino’s Pizza didn’t update its long-term guidance. Instead, the company says it continues to expect over 7% annual global retail sales growth and more than 8% annual income from operations growth from 2024 to 2028.
What it did change is its over 1,100 global net stores guidance estimate. The company is doing so until the full effect of its Domino’s Pizza Enterprises opens and closures is revealed.
DPZ stock is down 11.9% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
