Canaccord Genuity Morning Coffee on Domino's Pizza (DPZ): Should Have Put Cheeseburgers In The Crust

Canaccord Genuity Morning Coffee on Domino's Pizza (NYSE: DPZ): Should have put cheeseburgers in the crust.

Domino's Pizza reported first-quarter results below estimates as the pizza chain's refinancing costs masked stronger sales at established restaurants in the U.S. and abroad. America's second-largest pizza chain reported a 24% drop in Q1 earnings to $20.7 million or $0.35 per share. Revenue fell 1.2% to $384.6 million, largely due to the sale of company-owned stores to franchisees and lower revenue from supply-chain business. Analysts had expected revenue of $404.1 million for the quarter. Excluding items, Domino's had a quarterly profit of $0.47 per share, $0.02 below the consensus estimate. Same-store sales were up 2% in the U.S. and up 4.7% internationally as Domino's budding international business and a new core pizza recipe in the U.S. helped boost sales. CEO Patrick Doyle stated that strong international sales were a milestone for the company and an indicator of its strong global brand.

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