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Domino's debt management produces Q3 76% net income jump
October 12, 2009
Domino's Inc. reported a 76.6 percent net income jump in this year's third quarter results, which ended Sept. 6, despite flat domestic same-store sales. Company executives attributed the jump in net income to extinguished debt, improved operating margins, lower interest expense and international store growth.
"We did a good job of anticipating the economic downturn in the U.S. and we cut costs before the economy weakened," David A. Brandon, Domino's chairman and chief executive officer, said in a news release. "We have been intensely focused on controlled overhead spending throughout the past three years. … And we're in a great position to take full advantage of all of the opportunities we will encounter when domestic consumer spending improves and we return to a more normalized economic environment."
Domino's third quarter net income was $17.8 million this year, compared with $10.1 million in 2008, accounting for the headliner 76.6 percent increase. Total revenues for the quarter were down 6.5 percent at $302.7 million, compared with $323.6 million in 2008. Year-to-date earnings were $941.2 million, down 5.6 percent from last year's year-to-date earnings of $996.4 million at the third-quarter mark.
The quarter marked the 63rd consecutive quarter of same-store sales growth in Domino's international division, at 2.73 percent. Global retail sales were down 1.9 percent in the third quarter, but up 3.9 percent when excluding the impact of foreign currency.
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