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Global retail sales growth (excluding foreign currency impact) of 7.2%
U.S. same store sales growth of 4.8%
International same store sales growth (excluding foreign currency impact) of 2.1%
Global net store growth of 175
Income from operations increased 0.4%; excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $2.7 million, income from operations increased 1.7%
ANN ARBOR, Mich., July 18, 2024 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, announced results for the second quarter of 2024.
"Our year-to-date performance demonstrates that our Hungry for MORE strategy is off to a great start, having an immediate impact on sales and profits," said Russell Weiner, Domino's Chief Executive Officer. "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."
Second Quarter 2024 Operational and Financial Highlights (Unaudited):
The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.
Second Quarter | Two Fiscal Quarters | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Global retail sales: (in millions of U.S. dollars) | ||||||||||||||||
U.S. stores | $ | 2,222.1 | $ | 2,081.2 | $ | 4,434.0 | $ | 4,132.2 | ||||||||
International stores | 2,206.1 | 2,128.7 | 4,358.2 | 4,191.3 | ||||||||||||
Total | $ | 4,428.2 | $ | 4,209.9 | $ | 8,792.2 | $ | 8,323.5 | ||||||||
Second Quarter | Two Fiscal Quarters | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Global retail sales growth: (versus prior year period, | ||||||||
U.S. stores | + 6.8 % | + 1.7 % | + 7.3 % | + 3.4 % | ||||
International stores (1) | + 7.7 % | + 10.1 % | + 7.2 % | + 8.3 % | ||||
Total (2) | + 7.2 % | + 5.8 % | + 7.3 % | + 5.8 % | ||||
Same store sales growth: (versus prior year period) | ||||||||
U.S. Company-owned stores | + 4.5 % | + 5.5 % | + 6.5 % | + 6.4 % | ||||
U.S. franchise stores | + 4.8 % | (0.1) % | + 5.2 % | + 1.6 % | ||||
U.S. stores | + 4.8 % | + 0.1 % | + 5.2 % | + 1.8 % | ||||
International stores (excluding foreign currency impact) | + 2.1 % | + 3.6 % | + 1.5 % | + 2.3 % | ||||
(1) | 2024 second quarter and two fiscal quarters figures each exclude the impact of the Russia market. Including the impact of the Russia market, international stores retail sales growth, excluding foreign currency impact, was 7.2% and 6.7% for the second quarter and two fiscal quarters of 2024, respectively. | |
(2) | 2024 second quarter and two fiscal quarters figures each exclude the impact of the Russia market. Including the impact of the Russia market, total global retail sales growth, excluding foreign currency impact, was 7.0% for each of the second quarter and two fiscal quarters of 2024. |
U.S. Company- | U.S. Franchise | Total | International | Total | ||||||||||||||||
Second quarter of 2024 store counts: | ||||||||||||||||||||
Store count at March 24, 2024 | 289 | 6,585 | 6,874 | 13,881 | 20,755 | |||||||||||||||
Openings | 1 | 32 | 33 | 195 | 228 | |||||||||||||||
Closings | — | (1) | (1) | (52) | (53) | |||||||||||||||
Transfers | (1) | 1 | — | — | — | |||||||||||||||
Store count at June 16, 2024 | 289 | 6,617 | 6,906 | 14,024 | 20,930 | |||||||||||||||
Second quarter 2024 net store growth | 1 | 31 | 32 | 143 | 175 | |||||||||||||||
Trailing four quarters net store growth | 5 | 166 | 171 | 554 | 725 | |||||||||||||||
Trailing four quarters net store growth, excluding Russia (1) | 5 | 166 | 171 | 697 | 868 | |||||||||||||||
(1) | As previously announced, the remaining 143 net stores in Russia were reflected as closed in the third quarter of 2023 and are reflected as closures in the trailing four quarters ended June 16, 2024. Refer to Comments on Regulation G and Russia Market discussion below for additional details. |
Second Quarter | Two Fiscal Quarters | |||||||||||
(In millions, except percentages, percentage points, per share data and leverage ratio) | 2024 | 2023 | Increase/ | 2024 | 2023 | Increase/ | ||||||
Total revenues | $1,097.7 | $1,024.6 | + 7.1 % | $2,182.4 | $2,049.0 | + 6.5 % | ||||||
U.S. Company-owned store gross margin | 17.6 % | 18.6 % | (1.0) pp | 17.5 % | 17.7 % | (0.2) pp | ||||||
Supply chain gross margin | 11.3 % | 10.9 % | + 0.4 pp | 11.2 % | 9.9 % | + 1.3 pp | ||||||
Income from operations | $196.1 | $195.4 | + 0.4 % | $406.5 | $372.9 | + 9.0 % | ||||||
Net income | $142.0 | $109.4 | + 29.8 % | $267.8 | $214.2 | + 25.1 % | ||||||
Diluted earnings per share | $4.03 | $3.08 | + 30.8 % | $7.61 | $6.02 | + 26.4 % | ||||||
Leverage ratio | 5.0x | 5.6x | (0.6)x | |||||||||
Net cash provided by operating activities | $274.2 | $242.3 | + 13.2 % | |||||||||
Capital expenditures | (43.7) | (38.0) | + 15.0 % | |||||||||
Free cash flow | $230.5 | $204.3 | + 12.8 % | |||||||||
