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Domino's net falls 71 percent
October 15, 2007
ANN ARBOR, Mich. — Comparable-store sales for domestic stores at No. 2 pizza chain Domino's fell 1.6 percent in the third quarter ended Sept. 9, compared with a decrease of 3.1 percent for the same period last year, the company announced.
Comps at domestic company-owned stores increased 0.8 percent, while comps at domestic franchised-stores increased 2 percent.Comparable-store sales at international stores rose 8.3 percent, compared with an increase of 3 percent for the same period last year.
Revenues for the quarter were $337.3 million, up 3 percent compared with revenues of $326.7 million for the 2006 third quarter. Year-to-date, revenues were $1.02 billion, up slightly compared with revenues of $1 billion for the first three quarters of last year.
Net income for the quarter was $11 million, down 55 percent compared with net income of $24.5 million for the 2006 third quarter. Year-to-date, net income was $21.7 million, down 71 percent compared with net income of $75.2 million for the same period last year.
The net income drop was mainly due to increased interest expense related to the company's $1.85 billion recapitalization earlier this year as well as an increase in food costs.
Read also, Domino's declares special dividend.
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