Business NEWS
Domino’s Pizza drops, despite 3Q profit surprise on cost-cutting
By Germaine Lombardo for CEOWORLD Magazine Updated:October 14, 2009
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Global fast-food chain Domino’s Pizza (NYSE:DPZ) on Tuesday reported 76 per cent surge in its third quarter profits at $17.8 million, boosted by improved margins and international store growth.
The company, posted $10.1 million profits in the same period a year ago.
Domino’s Pizza (LON:DOM) in a statement said the gains on extinguished debt, improved operating margins, lower interest expense and international store growth, bolstered the quarterly profits.
During the third quarter, domestic same store sales were flat while international same store sales grew 2.7 per cent.
“We did a good job of anticipating the economic downturn in the US and we cut costs before the economy weakened.
As a result, we are now in a position to invest in our business; in our franchisees; in our marketing; in our technology; and expand our global footprint,” Domino’s Chairman and Chief Executive Officer David A Brandon said.
Excluding the impact of foreign currency, the company said global retail sales were up 3.9 per cent in the third quarter.
On Monday, Jubilant Foodworks, which runs the Indian franchise of Domino’s Pizza, filed an application for an initial public offering with market regulator SEBI, through which the entity plans to raise up to Rs 300 crore.
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