In the first quarter (Q1) of 2024, Domino’s Pizza reported a net profit of $125.8 million, marking a 20.1% surge from the previous year’s $104.8 million.
The rise in net income by $21.1 million was credited to increased earnings from operations, according to the company.
Throughout the quarter, Domino’s Pizza experienced a 5.9% revenue growth, reaching $1.08 billion from $1.02 billion in Q1 2023.
The $60.2 million revenue increase is due to higher supply chain revenues, US franchise royalties and fees, and US company-owned store revenues.
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Operating income surged by $32.9 million, marking an 18.6% increase in the first quarter of 2024 compared to the corresponding period of the previous year.
In Q1 2024, the company’s diluted EPS (earnings per share) stood at $3.58, a rise from $2.93 in Q1 2023.
Domino’s global retail sales grew by 7.3% during the quarter, excluding the adverse impact of foreign currency fluctuations.
US same-store sales and international same-store sales (excluding the influence of foreign currency) increased by 5.6% and 0.9%, respectively.
In the latest quarter, the company disclosed a global net store growth of 164.
The board of directors at Domino’s Pizza announced a quarterly dividend of $1.51 per share for its outstanding common stock, benefiting shareholders.
Domino’s CEO, Russell Weiner, expressed, “Our first-quarter results showcase the strong beginning of our Hungry for More strategy, yielding increased sales, expanded store presence, and enhanced profits.”
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“The significant value generated by our enhanced Domino’s Rewards loyalty program led to exceptional performance, resulting in double-digit profit growth that positively impacted our bottom line.”
“For the second consecutive quarter, both our carryout as well as delivery operations had positive order counts, which is important for our growth in the US. Furthermore, all income groups saw this order growth. We also started advertising on Uber Eats in Q1, and we’re still on schedule to end the year with at least 3% of revenue originating from this new channel.”