Domino’s Pizza has posted a net income of $147.67m for the third quarter (Q3) of fiscal year (FY) 2023, an increase of 46.9% compared to $100.50m a year ago.
The restaurant company attributed the increase in net income to a $28.23m pre-tax unrealised gain related to the re-measurement of its investment in DPC Dash.
The revenues for the quarter that ended on 10 October 2023 fell by 3.9% to $1.02bn from $1.06bn in Q3 of last year.
The company said that the dip in the revenues was primarily due to lower supply chain revenues and lower US company-owned store revenues.
Operating income increased by $13m (7.4%) to $189.43m in the third quarter of 2023 compared to last year’s third quarter due to higher global franchise royalty revenues.
Diluted earnings per share (EPS) was $4.18 in the latest quarter, an increase of 49.8% from $2.79 recorded in the same period of last year.
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In the latest quarter, Domino’s global retail sales were up 4.9%, excluding the positive impact of foreign currency and an increase of 5.1% was recorded without including the positive impact of foreign currency and the closure of the Russian market.
In Q3 2023, US same-store sales were down by 0.6%. However, international same-store sales grew by 3.3% in the period.
During the same quarter, the company had 218 gross store openings and 226 gross store closures.
Domino’s Pizza’s CEO Russell Weiner said: “We continue to execute on our initiatives to drive sustainable growth in the US.
“Our ‘Summer of Service’ initiative and the hard work of our franchisees and team members have brought delivery times back to pre-pandemic levels.
“Domino’s Rewards is engaging more customers, and our integration with Uber’s marketplace is on track. We are ready and excited to deliver the incremental orders both programs will bring in 2024 and beyond.”
For three-quarters of FY23, the company posted a net income of $361.82m against $293.96m in the same period last year. The total revenues for the three quarters of 2023 were $3.07bn against $3.14bn in the corresponding period in 2022.