Summary by Futu AI
Domino's Pizza reported Q3 2024 revenues of $1.08 billion, up 5.1% YoY, driven by higher supply chain revenues and U.S. franchise royalties. U.S. same-store sales grew 3.0%, while international same-store sales increased 0.8% excluding foreign currency impact. The company added 72 net new stores globally during the quarter.Operating income rose 5.0% to $198.8 million, despite a $1.4 million negative impact from foreign currency exchange rates on international franchise royalties. Supply chain gross margin improved 0.6 percentage points to 10.6%, while U.S. Company-owned store gross margin increased 1.0 percentage point to 16.8%. Net income slightly decreased 0.5% to $146.9 million due to higher tax rates.The company maintained its 2024 guidance of approximately 6% annual global retail sales growth and 8% operating income growth. During Q3, Domino's repurchased 443,302 shares for $190 million and declared a quarterly dividend of $1.51 per share. The company expects to maintain similar growth rates through 2025 and targets 7%+ retail sales growth and 8%+ operating income growth for 2026-2028.
