Domino’s Pizza has posted a net income of $125.8m for the first quarter (Q1) of 2024, an increase of 20.1% compared with $104.8m a year previously.
The company attributed the net income increase of $21.1m to higher income from operations.
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During the quarter, Domino’s Pizza saw its revenues rise by 5.9% to $1.08bn from $1.02bn in Q1 2023.
The $60.2m increase in revenues is attributed to higher supply chain revenues, US franchise royalties and fees, and US company-owned store revenues.
Income from operations increased $32.9m, or 18.6% in the first quarter of 2024, compared with the same quarter of the previous year.
The company’s diluted EPS (earnings per share) was $3.58 in Q1 2024 as compared to $2.93 in Q1 2023.
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By GlobalDataDomino’s global retail sales increased 7.3% during the quarter, excluding the negative effect of foreign currency.
US same-store sales and international same-store sales (excluding foreign currency impact) grew 5.6% and 0.9% respectively.
In the latest quarter, the company reported a global net store growth of 164.
Domino’s Pizza’s board of directors declared a $1.51 per share quarterly dividend on its outstanding common stock for shareholders.
Domino’s CEO Russell Weiner said: “Our first quarter results demonstrated that our Hungry for More strategy is off to a strong start: delivering more sales, more stores and more profits.
“The renowned value we created through our new and improved Domino’s Rewards loyalty programme drove outsized performance, which flowed through to the bottom line with double-digit profit growth.
“Importantly, our growth in the US came through positive order counts in both our carryout and delivery businesses for the second quarter in a row. Further, this order growth was across all income cohorts. In Q1 we also went live with marketing on Uber Eats, and we remain on track to exit the year at 3% or more of sales coming through this new channel.”
