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Dominos Pizza Inc (DPZ) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 6, 2020

Dominos Pizza Inc

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CIK: 1286681 Ticker: DPZ

Exhibit 99.1

 

LOGO   For Immediate Release   

Contact: Chris Brandon

Director - Investor Relations

(734) 323-7932

Domino’s Pizza® Announces Third Quarter 2020 Financial Results

Global retail sales growth (excluding foreign currency impact) of 14.8%

U.S. same store sales growth of 17.5%

International same store sales growth of 6.2%

Global net store growth of 83

Diluted EPS up 21.5% to $2.49

ANN ARBOR, Michigan, October 8, 2020: Domino’s Pizza, Inc. (NYSE: DPZ),

the largest pizza company in the world based on global retail sales, announced results for the third quarter. Global retail sales increased 14.4% in the third quarter, or 14.8% excluding foreign currency impact. U.S. same store sales grew 17.5% during the quarter versus the year-ago period and were positively impacted by customer ordering behavior during the COVID-19 pandemic, continuing the positive sales momentum in the Company’s U.S. stores business. The international business also posted positive same store sales results, with growth of 6.2% during the quarter. The third quarter marked the 107th consecutive quarter of international same store sales growth and the 38th consecutive quarter of U.S. same store sales growth.

During the quarter, the Company reported 209 gross new stores and 83 net new stores, comprised of 44 net new U.S. stores and 39 net new international stores. The Company’s net store growth reflects the closure of 126 stores, primarily in India. The number of temporary store closures in certain of the Company’s international markets declined during the third quarter of 2020. Based on information reported to the Company by its master franchisees, the Company estimates that as of October 5, 2020, there were fewer than 300 international stores temporarily closed.

Diluted EPS for the third quarter was $2.49, up 21.5% over the prior year quarter.

On October 6, 2020, the Company’s Board of Directors declared a $0.78 per share quarterly dividend for shareholders of record as of December 15, 2020 to be paid on December 30, 2020.

“I am extremely proud of our global franchisees, operators and corporate teams for their relentless passion and energy as we continue to navigate through the pandemic,” said Ritch Allison, Domino’s Chief Executive Officer. “Our strong third quarter results once again demonstrated our focus on value, service, quality and innovation to meet customer needs.”

Third Quarter Highlights (Unaudited):

 

(dollars in millions, except per share data)    Third
Quarter of
2020		      Third
Quarter of
2019		      Three Fiscal
Quarters of
2020		      Three Fiscal
Quarters of
2019		  

Net income

    $ 99.1      $ 86.4      $ 339.4      $ 271.4  

Weighted average diluted shares

      39,791,805        42,040,291        39,724,289        42,158,447  

Diluted EPS

    $ 2.49      $ 2.05      $ 8.54      $ 6.44  

 

  •  

Revenues increased $146.9 million, or 17.9%, in the third quarter of 2020. This increase was primarily due to higher U.S. retail sales resulting from same store sales growth and an increase in store counts during the trailing four quarters, resulting in higher supply chain, U.S. franchise and U.S. Company-owned stores revenues.

 

  •  

Net Income increased $12.8 million, or 14.8%, in the third quarter of 2020. This increase was primarily driven by higher income from operations resulting from increased U.S. franchise revenues as well as higher supply chain volumes, partially offset by higher variable performance-based compensation expense as well as COVID-related costs, including additional compensation and enhanced sick pay for frontline workers. A lower effective tax rate as compared to the prior year quarter driven by higher tax benefits from equity-based compensation also resulted in an increase in net income. The increase in net income was partially offset by higher net interest expense resulting from a higher average debt balance and to a lesser extent, borrowings under the Company’s variable funding notes.

The following information was filed by Dominos Pizza Inc (DPZ) on Thursday, October 8, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Dominos Pizza Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Basis Of Presentation And Updates To Significant Accounting Policies
Basis Of Presentation And Updates To Significant Accounting Policies (Policies)
Basis Of Presentation And Updates To Significant Accounting Policies - Additional Information (Detail)
Carrying Amounts And Fair Values Of Certain Assets (Detail)
Changes In Stockholders' Deficit
Changes In Stockholders' Deficit (Detail)
Changes In Stockholders' Deficit (Parenthetical) (Detail)
Changes In Stockholders' Deficit (Tables)
Changes In Stockholders' Deficit - Additional Information (Detail)
Components Of Operating And Finance Lease Cost (Detail)
Covid-19 Pandemic
Earnings Per Share
Earnings Per Share (Detail)
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Financial Information By Operating Segment (Detail)
Investment In Dash Brands
Investment In Dash Brands - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Maturities Of Lease Liabilities (Detail)
New Accounting Pronouncements
New Accounting Pronouncements (Tables)
New Accounting Pronouncements - Additional Information (Detail)
New Accounting Pronouncements - Cumulative Effects Of Changes Made To Consolidated Balance Sheet (Detail)
Reconciliation Of Total Segment Income To Consolidated Income Before Provision For Income Taxes (Detail)
Revenue Disclosures
Revenue Disclosures (Tables)
Revenue Disclosures - Additional Information (Detail)
Schedule Of Contract Liabilities Primarily Consist Of Deferred Franchise Fees And Deferred Development Fees (Detail)
Schedule Of Estimated Fair Value (Detail)
Segment Information
Segment Information (Tables)
Supplemental Balance Sheet Information Related To The Company's Leases (Detail)
Supplemental Cash Flow Information Related To Leases (Detail)
Supplemental Disclosures Of Cash Flow Information
Supplemental Disclosures Of Cash Flow Information - Additional Information (Detail)
Ticker: DPZ
CIK: 1286681
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-265920
Submitted to the SEC: Thu Oct 08 2020 7:36:15 AM EST
Accepted by the SEC: Thu Oct 08 2020
Period: Sunday, September 6, 2020
Industry: Wholesale Groceries And Related Products

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