Domino’s Pizza (NYSE:DPZ) topped first-quarter earnings expectations, helped by robust demand, sending its share price higher on Thursday.
The restaurant chain reported Q1 EPS of $2.93, $0.22 better than the analyst estimate of $2.71. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $1.03 billion.
The company's revenue increased by 1.3% in the first quarter, which it put down to higher supply chain revenues attributable to increases in market basket pricing to stores, which increased by 4.6%. In addition, U.S. same-store sales grew 3.6%, with International same-store sales (excluding foreign currency impact) growing 1.2%.
Domino's shares hit a high of $352.16 following the report. However, at the time of writing, the stock is down 2% at $332.27 per share.
"Our continued evolution from a U.S. delivery business to a global pizza company with strength in both delivery and carryout keeps me bullish on our future," commented Russell Weiner, Domino's chief executive officer.
Reacting to the report, Stifel analysts maintained a Hold rating on the stock.
They told investors in a note: "Domestic SRS was stronger than expected, driven entirely by a higher check average. We estimate that same-store transactions declined in the MSD range."