PAPA JOHN'S INTERNATIONAL, INC.

(PZZA)
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Delayed Nasdaq  -  05/26 04:00:00 pm EDT
84.98 USD   +2.32%
05/16PAPA JOHNS INTERNATIONAL INC : Change in Directors or Principal Officers (form 8-K)
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05/16Papa John's International, Inc. Names Max Wetzel as Chief Operating Officer
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05/13PAPA JOHN'S INTERNATIONAL, INC. : Ex-dividend day for
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Rising competition, pandemic costs take slice out of Domino's profit

02/25/2021 | 12:22pm EDT
FILE PHOTO: A Domino's Pizza restaurant is seen in Los Angeles

(Reuters) - Domino's Pizza Inc on Thursday posted a slowdown in quarterly same-store sales growth, as stiff competition from rival fast-food chains, an uptick in indoor dining trends and pandemic-related costs ate into its business.

Shares of the company slid 8% as its U.S. same-store sales growth slowed to 11.2% from 17.5% in the previous quarter, and also missed market estimates.

Easing COVID-19 restrictions have led to a slight rebound in business for dine-in restaurants, while competitors doubling down on digital operations to keep up with surging online orders has also inflicted pressure on pizza chains.

Rival Papa John's also missed estimates for fourth-quarter profit and comparable sales on Thursday, sending its shares tumbling 14%.

"Domino's is all delivery and in the near-term, they could see a shift as vaccines continue to roll out and people start to go out to restaurants more," Tigress Financial Partners Chief Investment Officer Ivan Feinseth told Reuters.

Fast-food giants have also incurred high costs to sanitize their stores regularly while doling out bonuses for their workers. Domino's estimated pandemic-related costs, including sick pay and cleaning equipment, came in at $7 million during the quarter.

General and administrative costs rose to $138.4 million from $119.7 million a year earlier.

Chief Executive Richard Allison told analysts Domino's this year would aim to boost takeaways, which have been pressured by the health crisis, and invest more in supply chain and technology.

"As we look ahead to 2021, we aren't sure exactly what the new normal will look like or when we'll get there," Allison said.

Total revenue rose about 18% to $1.36 billion, falling slightly short of Wall Street estimates of $1.39 billion, according to Refinitiv IBES data.

Net income rose about 18% to $151.9 million, or $3.85 per share. Analysts were expecting a profit of $3.89 per share.

The results miss overshadowed Domino's new $1 billion share buyback program and a 20.5% increase in quarterly dividend.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Ramakrishnan M.)

By Praveen Paramasivam


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DOMINO'S PIZZA INC. 0.86% 355.61 Delayed Quote.-37.52%
PAPA JOHN'S INTERNATIONAL, INC. 2.32% 84.98 Delayed Quote.-37.78%
S&P 500 1.99% 4057.84 Real-time Quote.-16.52%
All news about PAPA JOHN'S INTERNATIONAL, INC.
05/16PAPA JOHNS INTERNATIONAL INC : Change in Directors or Principal Officers (form 8-K)
AQ
05/16Papa John's International, Inc. Names Max Wetzel as Chief Operating Officer
CI
05/13PAPA JOHN'S INTERNATIONAL, INC. : Ex-dividend day for
FA
05/12WALL STREET STOCK EXCHANGE : A new era of sobriety
05/12ANALYST RECOMMENDATIONS : Albemarle, American Express, Electronic Arts, On Semi, TD Bank....
05/11UBS Adjusts Papa John's International Price Target to $93 From $144, Maintains Neutral ..
MT
05/06Stifel Adjusts Price Target for Papa John's International to $130 From $145, Maintains ..
MT
05/06Credit Suisse Lowers Papa John's International's PT to $130 from $150, Trims 2022, 2023..
MT
05/06Papa john's international announces first quarter 2022 financial results
AQ
05/06Deutsche Bank Adjusts Price Target on Papa John's International to $109 From $122, Main..
MT
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Financials (USD)
Sales 2022 2 151 M - -
Net income 2022 98,0 M - -
Net Debt 2022 485 M - -
P/E ratio 2022 30,5x
Yield 2022 1,72%
Capitalization 2 990 M 2 990 M -
EV / Sales 2022 1,62x
EV / Sales 2023 1,53x
Nbr of Employees 14 000
Free-Float 66,3%
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Mean consensus BUY
Number of Analysts 15
Last Close Price 83,05 $
Average target price 117,67 $
Spread / Average Target 41,7%
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Managers and Directors
Robert M. Lynch President, Chief Executive Officer & Director
Ann B. Gugino Chief Financial Officer
Jeffrey Chad Smith Chairman
Justin Falciola Vice President-Enterprise Architecture & Analytics
C. Max Wetzel Chief Operating Officer & Executive Vice President
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