First Quarter 2003 Results
ANN ARBOR, Mich. – May 6, 2003 – Domino's, Inc., the recognized leader in pizza delivery, today announced strong earnings and system-wide sales results for the first quarter of 2003, which ended March 23, 2003. Management attributed the Company's positive results primarily to increases in worldwide store counts and international same store sales, continued emphasis on controlling overhead costs and increased volumes and efficiencies from distribution operations.
Financial Highlights
(versus first quarter 2002)
- Net income increased 15.3% to $18.3 million.
- Earnings before interest, taxes, depreciation and amortization, as defined (EBITDA) increased 8.9% to a record $49.8 million.
- System-wide sales increased 3.0% to a record $976.3 million.
- Domestic stores same store sales decreased 1.1%; comprised of a domestic franchise same store sales decrease of 0.4% and a domestic Company-owned same store sales decrease of 5.6%.
- International same store sales increased 4.4%, on a constant dollar basis, marking the 37th consecutive quarter of international same store sales growth.
- The Company repaid $20.5 million of debt during the first quarter of 2003, bringing total debt repayments over the trailing 12 months to nearly $59 million.
- As of the end of the first quarter, there were 7,253 Domino's Pizza stores in operation worldwide, a net increase of 177 stores over the trailing 12 months.
"Achieving record results during this period of economic uncertainty and soft sales is significant," said Domino's Chairman and Chief Executive Officer David A. Brandon. "We benefited not only from lower than expected cheese costs during the quarter, but from the growth in our worldwide store counts. Our international business unit, which is celebrating its 20th anniversary this year, continues to drive positive sales and build a strong global brand."
Brandon added: "Our system has weathered challenging market conditions before – and achieving first quarter domestic same store sales that were virtually even with our very strong first quarter of 2002 results is yet another measure of our resiliency. I'm also very proud of the recognition our industry continues to give to Domino's, as we were recently named Chain of the Year by Pizza Today magazine."