Summary by Futu AI
Domino's Pizza reported solid Q2 2024 results with total revenues increasing 7.1% to $1.1 billion. U.S. same-store sales grew 4.8%, driven by profitable order count growth across delivery and carryout businesses. International same-store sales rose 2.1% excluding foreign currency impact. The company added 175 net new stores globally during the quarter.Income from operations increased marginally by 0.4% to $196.1 million, while net income surged 29.8% to $142 million, primarily due to favorable changes in unrealized gains from DPC Dash investment remeasurement. Supply chain gross margin improved 0.4 percentage points to 11.3%, though U.S. Company-owned store margin declined 1.0 percentage point to 17.6%.The company maintained its long-term guidance of 7%+ annual global retail sales growth and 8%+ annual income from operations growth. However, it suspended its 1,100+ global net store growth guidance due to challenges faced by master franchisee Domino's Pizza Enterprises, while still expecting 175+ net U.S. store openings annually through 2028.
