Domino's Pizza, Inc. reported a solid financial performance for the fiscal quarter ended September 8, 2024, with total revenues reaching $1,080.1 million, a 5.1% increase from $1,027.4 million in the same quarter of 2023. For the three fiscal quarters of 2024, revenues totaled $3,262.5 million, up 6.0% from $3,076.4 million in the prior year. The growth in revenue was driven by increases in U.S. Company-owned store revenues, which rose to $89.2 million from $86.3 million, and U.S. franchise royalties and fees, which increased to $144.1 million from $138.3 million.
The company's gross margin for the third quarter improved to $423.7 million, compared to $398.2 million in the previous year, reflecting a 6.4% increase. Income from operations also saw a rise, reaching $198.8 million, up from $189.4 million in Q3 2023. However, net income slightly decreased to $146.9 million from $147.7 million year-over-year. Earnings per share remained stable at $4.22 for the quarter.
For the three fiscal quarters, net income increased significantly to $414.7 million, compared to $361.8 million in the same period of 2023. This growth was supported by a net cash provided by operating activities of $446.9 million, an increase from $422.1 million in the prior year.
Domino's continued to focus on its strategic initiative, "Hungry for MORE," aimed at enhancing sales and store count. The company reported a global retail sales increase to $4,392.0 million in Q3 2024, compared to $4,223.7 million in Q3 2023, with U.S. retail sales also rising to $2,168.4 million from $2,062.8 million.
The company maintained a strong cash position, with cash and cash equivalents at $189.1 million as of September 8, 2024, up from $114.1 million at the end of 2023. Total assets increased to $1,775.1 million from $1,674.9 million, while total liabilities decreased, resulting in a reduction of stockholders’ deficit to $(3.98 billion) from $(4.07 billion).
Domino's also declared a quarterly dividend of $1.51 per share, reflecting its commitment to returning value to shareholders. The company repurchased 443,302 shares for approximately $190.0 million during the third quarter, with a remaining authorization of $926.3 million for future repurchases.
Overall, Domino's Pizza demonstrated resilience and growth in its financial metrics, supported by strategic initiatives and a focus on operational excellence.
About DOMINOS PIZZA INC
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