Domino's Pizza profit in line despite stormy U.S. winter

Reuters
Updated

(Reuters) - Domino's Pizza Inc on Thursday reported quarterly profit that matched Wall Street's view as its U.S. business held up despite severe winter storms that forced diners to cut back on visits to many restaurant chains.

The second-largest U.S. pizza chain by store count reported first-quarter net income of $40.5 million (23.98 million pounds), or 71 cents per share, up from $34.4 million, or 59 cents per share, a year earlier.

Adjusting for a gain from the sale of company-owned restaurants, Domino's earned 68 cents per share in the latest quarter, matching the average of analyst estimates compiled by Thomson Reuters I/B/E/S.

Revenue rose 8.7 percent to $453.9 million during after sales at stores open at least one year gained 4.9 percent domestically and 7.4 percent internationally.

Domino's competes with Yum Brands Inc's Pizza Hut, Little Caesars Pizza and Papa John's International Inc and had almost 5,000 domestic outlets and nearly 6,000 international stores at the end of the quarter.

Companies ranging from McDonald's Corp to Olive Garden and Red Lobster parent Darden Restaurants Inc blamed inclement winter weather for a drop in U.S. traffic last quarter.


(Reporting by Lisa Baertlein in Los Angeles; Editing by Andrew Hay and Robin Paxton)