Q3 2024 Domino's Pizza Inc Earnings Call Transcript
Key Points
- Domino's Pizza Inc (DPZ) reported a 6.6% increase in retail sales in the US, significantly outpacing the QSR pizza category's growth of less than 2%.
- The company achieved its fourth consecutive quarter of same-store sales growth and positive order count growth, indicating strong operational performance.
- Domino's Rewards program has been a key driver of US comp performance, successfully increasing active members and driving customer engagement.
- The introduction of new products, such as Mac & Cheese, has been well-received, contributing to the company's strategy of innovation with intent.
- Domino's Pizza Inc (DPZ) has maintained a strong operating profit growth outlook of approximately 8%, excluding foreign exchange impacts, despite challenging macroeconomic conditions.
- International retail sales growth of 6.5% is below Domino's historical performance and expectations, with macroeconomic pressures and geopolitical issues impacting results.
- The company has revised its international same-store sales growth expectations to 1% to 2% for 2024 and 2025, indicating a slower recovery than anticipated.
- Domino's Pizza Inc (DPZ) has adjusted its global net store growth guidance downward, primarily due to challenges in international markets.
- The company has experienced softness in the delivery segment, particularly among lower-income customers, due to increased competitive pressures.
- Domino's Pizza Inc (DPZ) faces challenges in maintaining its market share gains in a slower-growing pizza category, which is expanding at less than 2% annually.
Thank you for standing by, and welcome to Domino's Pizza's third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.
And now I'd like to introduce your host for today's program, Greg Lemenchick, Vice President, Investor Relations. Please go ahead, sir.
'--
Good morning, everyone. Thank you for joining us today for our third quarter conference call. Today's call will begin with our Chief Executive Officer, Russell Weiner; followed by our Chief Financial Officer, Sandeep Reddy. The call will conclude with a Q&A session.
The forward-looking statements in this morning's earnings release and 10-Q, both of which are available on our IR website, also apply to our comments on the call today. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC.
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