Domino's announces second quarter 2003 results
ANN ARBOR, Mich. - July 29, 2003 - Domino's, Inc., the recognized world leader in pizza delivery, today announced strong earnings and system-wide sales for each of the second quarter and first two quarters ended June 15, 2003. Management attributed the Company's positive results primarily to increases in worldwide store counts and international same store sales, as well as continued emphasis on controlling overhead costs and efficiencies in distribution operations.
Financial Highlights
(versus second quarter 2002)
- Net income increased 62.3% to $17.5 million.
- Earnings before interest, taxes, depreciation and amortization, calculated in the manner required by SFAS No. 131 and which we refer to throughout this document as EBITDA, increased 9.1% to a second quarter record of $45.5 million.
- System-wide sales increased 4.0% to a second quarter record of $940.8 million.
- Domestic stores same store sales decreased 0.3%; comprised of a domestic franchise same store sales increase of 0.1% and a domestic Company-owned same store sales decrease of 2.9%.
- International same store sales increased 2.6%, on a constant dollar basis, marking the 38th consecutive quarter of international same store sales growth.
- As of the end of the second quarter, there were 7,291 Domino's Pizza stores in operation worldwide, a net increase of 195 stores since the end of the second quarter 2002.
Domino's will hold a conference call to discuss second quarter results today at 11 a.m. (Eastern) at (888) 306-6182 (U.S./Canada) or (706) 634-4947 (international). A replay will be available through midnight (Eastern) August 12, 2003 by dialing (800) 642-1687 in the U.S. or Canada, or (706) 645-9291 (international), conference ID #1790830. A replay will also be available within 24 hours subsequent to the call on our website at, www.dominos.com.
Domino's Chairman and Chief Executive Officer, David A. Brandon, said, "I am proud of our accomplishments during the quarter. We achieved strong financial performance, driven by increases in our worldwide store growth and positive system-wide sales. These strong results were produced during a period of sales softness in our industry and category…and concurrent with a highly successful recapitalization transaction."
Management cited the June 30, 2003 Nation's Restaurant News Top 100 Report, in which Domino's showed the largest increase in reported market share, and had the largest increase in U.S. system-wide sales of any of the top six pizza chains for the period ended December 2002.