Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Domino’s Pizza Inc (NYSE: DPZ) reported better-than-expected fourth-quarter earnings on Monday.
The pizza chain reported fourth-quarter EPS of $4.48, beating the consensus of $4.38. The company reported sales of $1.40 billion, a slight improvement from $1.39 billion, marginally below the consensus estimate of $1.42 billion, according to data from Benzinga Pro.
U.S. company-owned store gross margin decreased by 1.6 percentage points in the fourth quarter of 2023 as compared to a year ago, primarily due to higher labor costs as a result of higher wage rates, higher insurance costs, and the increase in the loyalty liability resulting from the relaunch of the Domino’s Rewards program.
The company’s global net store growth of 394 for the fourth quarter was 711 for fiscal 2023 (excluding the closure of the Russian market, global net stores grew by 870 for fiscal 2023).
Domino's raised its quarterly dividend by 25% to $1.51 and authorized additional stock buyback of up to $1 billion.
Domino's shares gained 5.9% to close at $459.00 on Monday.
These analysts made changes to their price targets on Domino's after the company reported quarterly results.
- JP Morgan raised the price target on Domino's from $420 to $430. JP Morgan analyst John Ivankoe downgraded the stock from Overweight to Neutral.
- Oppenheimer boosted the price target on Domino's from $470 to $530. Oppenheimer analyst Brian Bittner reiterated the stock with an Outperform.
- Argus Research analyst John Staszak upgraded Domino's Pizza from Hold to Buy and maintained the price target of $530.
Read More: Investor Optimism Falls Further Ahead Of Major Economic Reports
Latest Ratings for DPZ
| Mar 2022 | Loop Capital | Downgrades | Buy | Hold |
| Mar 2022 | Guggenheim | Maintains | Neutral | |
| Mar 2022 | Citigroup | Maintains | Neutral |
View the Latest Analyst Ratings
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