Domino’s Pizza Inc announces second quarter 2022 financial results

By Domini Stuart | 27 Jul 2022 View comments

Domino’s Pizza, the largest pizza company in the world, has just announced results for the second quarter of 2022.

These included:

  •         Global retail sales growth (excluding foreign currency impact) of 1.5 per cent
  •         U.S. same store sales decline of 2.9%
  •         International same store sales decline (excluding foreign currency impact) of 2.2%
  •         Global net store growth of 233
  •         Diluted EPS down 7.8% to $2.82

“Our results for the quarter faced challenges consistent to those I outlined back in April,” said Russell Weiner, Domino’s Chief Executive Officer. “We continued to navigate a difficult labour market, especially for delivery drivers, in addition to inflationary pressures combined with COVID and stimulus-fuelled sales comps from the prior two years in the U.S. However, the strength of our franchisees and team members, along with the strategies we are putting into place, make me confident we are on a path to overcome these short-term obstacles and make the Domino’s brand and business stronger than ever.”

The figures in more detail

Global retail sales, excluding the negative impact of foreign currency, grew 1.5 per cent in the second quarter of 2022. Without adjusting for the impact of foreign currency, global retail sales declined 3.0 per cent in the same quarter.

U.S. same store sales declined 2.9 per cent and international same store sales (excluding foreign currency impact) declined 2.2 per cent during the second quarter of 2022. The decline in international same store sales (excluding foreign currency impact) was driven in part by a value added tax holiday in the United Kingdom in the second quarter of 2021 that didn’t recur in the second quarter of 2022. The Company had second quarter global net store growth of 233 stores, comprising 22 net U.S. store openings and 211 net international store openings.

Diluted EPS for the second quarter of 2022 was $2.82, a decrease of 7.8 per cent from diluted EPS of $3.06 in the second quarter of 2021. Diluted EPS for the second quarter of 2021 was negatively impacted by expenses associated with the Company’s April 2021 recapitalization transaction. Diluted EPS for the second quarter of 2022 decreased 9.6 per cent from diluted EPS, as adjusted, of $3.12 in the second quarter of 2021.

Subsequent to the end of the second quarter of 2022, on July 19, 2022, the Company’s Board of Directors declared a $1.10 per share quarterly dividend on its outstanding common stock for shareholders of record as of September 15, 2022 to be paid on September 30, 2022.