Domino’s Pizza(US:DPZ)2024-04-29 10:10Sales Growth - Global retail sales growth (excluding foreign currency impact) was 7.3% in Q1 2024, compared to 5.9% in Q1 2023[4] - U.S. same store sales growth was 5.6%, with U.S. Company-owned stores achieving 8.5% growth[4][6] - International same store sales growth (excluding foreign currency impact) was 0.9%, with total international retail sales growth at 6.1% when including the Russia market[4][5] - The company expects annual global retail sales growth of 7%+, with 1,100+ annual global net store growth and 8%+ annual income from operations growth for the period 2024-2028[15] Revenue and Income - Total revenues increased by $60.2 million, or 5.9%, to $1,084.6 million in Q1 2024[8] - Net income increased by $21.1 million, or 20.1%, to $125.8 million in Q1 2024[14] - Diluted earnings per share (EPS) increased by 22.2% to $3.58 in Q1 2024[14] - Total revenues for the first quarter of 2024 reached $1,084,647,000, a 5.9% increase from $1,024,398,000 in the first quarter of 2023[32] - Net income for the first quarter of 2024 was $125,824,000, representing an increase of 20.1% compared to $104,770,000 in the same period last year[32] - Earnings per share (diluted) increased to $3.58 in the first quarter of 2024, up from $2.93 in the first quarter of 2023[32] Operational Performance - Income from operations rose by $32.9 million, or 18.6%, to $210.4 million in Q1 2024[8] - The gross margin improved to 38.9% in the first quarter of 2024, up from 37.6% in the first quarter of 2023[32] - The company reported a trailing four quarters segment income of $977,348,000, compared to $870,164,000 in the previous year[24] Store Expansion - The company opened 203 net new stores globally in Q1 2024, with a total of 20,755 stores[7] Financial Ratios and Assets - The leverage ratio improved to 5.0x from 5.7x year-over-year[8] - The leverage ratio decreased to 5.0x in the first quarter of 2024 from 5.7x in the first quarter of 2023[24] - Total assets increased to $1,744,742,000 as of March 24, 2024, up from $1,674,899,000 on December 31, 2023, representing a growth of approximately 4.15%[34] Cash Flow and Liabilities - Cash and cash equivalents at the end of the period rose to $203,894,000, up from $154,193,000, marking a significant increase of approximately 32.2%[37] - Total current liabilities decreased to $509,593,000 from $547,350,000, a reduction of about 6.88%[34] - Net cash provided by operating activities was $123,464,000 for the quarter, compared to $114,682,000 in the prior year, indicating a growth of approximately 7.8%[37] Capital Expenditures and Stockholders' Equity - Capital expenditures for the quarter were $20,181,000, slightly higher than $19,031,000 in the same quarter last year, reflecting an increase of about 6.05%[37] - The total stockholders' deficit improved to $(4,008,330,000) from $(4,070,367,000), a positive change of approximately 1.52%[34] Other Financial Metrics - International franchise royalty revenues for the first quarter of 2024 were $71,966,000, compared to $69,671,000 in the first quarter of 2023, reflecting a growth of 3.7%[32] - U.S. franchise royalties and fees increased to $150,518,000 in the first quarter of 2024, up from $132,864,000 in the first quarter of 2023, marking a growth of 13.3%[32] - The company generated over $18.5 billion in global retail sales for the trailing four quarters ended March 24, 2024[27] - Long-term debt, less current portion, remained relatively stable at $4,973,812,000 compared to $4,934,062,000, showing a slight increase of 0.8%[34] - The company reported a non-cash equity-based compensation expense of $11,338,000, up from $7,538,000, which is an increase of approximately 50.5%[37] - The effect of exchange rate changes on cash was a loss of $672,000, compared to a loss of $186,000 in the previous year, indicating a worsening of approximately 261.29%[37]