Food & Beverage

Domino's moves on up, joins S&P 500

Photo: File

May 7, 2020

S&P Dow Jones Indices said Wednesday it is adding Domino's Pizza Inc. to the S&P 500, the collection of 500 large companies that many view as the best overall representation of the stock market. Ann Arbor, Michigan-based Domino's was previously among the companies listed on the S&P MidCap 400, but was removed from that index when it was added to the more well-known S&P index, according to a news release. 

Domino's replaces luxury fashion group, Capri Holdings Ltd. in the S&P 500, which moved to the S&P SmallCap 600. The news release said S&P Dow Jones Indices made the Domino's move because the company "is more representative of the largecap market space." 

Domino's Pizza will be added to the S&P 500 GICS Restaurants Sub-Industry index. S&P Dow Jones Indices is the largest global resource for essential index-based concepts, as well as data and research. 

The move was made despite the fact that last month Domino's said it was withdrawing its long-term growth outlook after approximately 1,750 international stores were temporarily shut down due to the COVID-19 pandemic. Still, the company reported that its U.S. same-store sales were up 7.1% in late March and most of April due to its delivery and carryout business during the pandemic. .