Domino’s Pizza (DPZ) Q1 2020 earnings: Chain withdraws long-term outlook

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An employee places a pizza box onto a shelf at a Domino’s Pizza Inc. restaurant in Chantilly, Virginia.

Andrew Harrer | Bloomberg | Getty Images

Domino’s Pizza on Thursday said that its U.S. same-store sales grew 7.1% in the first four weeks of its second quarter.

However, the pizza chain withdrew its two- to three-year outlook, citing the uncertainty surrounding the economy and Domino’s operations due to the coronavirus pandemic. Domino’s previously forecast U.S. same-store sales growth in a range of 2% and 5% and global sales growth of 7% to 10%.

Shares of the company fell 1.7% in premarket trading.

Domino’s comments came as the company reported its fiscal first-quarter results.

Here’s what the company reported for the quarter ended March 22:

Earnings per share: $3.07Revenue: $873.1 million

The pizza chain reported fiscal first-quarter net income of $121.6 million, or $3.07 per share, up from $92.6 million, or $2.20 per share, a year earlier.

Net sales rose 4.4% to $873.1 million. U.S. same-store sales rose 1.6%, and international same-store sales grew 1.5%. 

Wall Street anticipated earnings per share of $2.32 on revenue of $868.7 million, based on a survey of analysts by Refinitiv. However, it’s difficult to compare reported earnings to analyst estimates for Domino’s quarter, as the coronavirus pandemic continues to hit global economies and makes earnings impact difficult to assess.

Domino’s announced preliminary results for its same-store sales growth and revenue growth on March 30.

U.S. sales for the pizza chain jumped 10.7% from March 23 to April 19, the first month of Domino’s second quarter, compared to a year ago. Sales at locations open at least a year rose 7.1%.