Domino’s Pizza (DPZ:NYE) delivered a delectable surprise in its third-quarter fiscal report, with earnings per diluted share soaring to $4.18, marking an impressive 49.8% year-over-year increase. This impressive performance surpassed market expectations, which had pegged earnings at $3.31 per share. Simultaneously, the popular pizza chain’s sales reached $1.03 billion for the quarter, registering a slight 3.9% dip from the previous year, although it fell just shy of analysts’ projections set at $1.05 billion. This article will highlight how these events affect the DPZ stock forecast.
Mixed Same-Store Sales Performance:
During the third quarter of 2023, Domino’s reported a marginal 0.6% drop in same-store sales. In contrast, international same-store sales, when adjusted for currency exchange fluctuations, experienced a gratifying 3.3% ascent.
Future Projections:
Domino’s shared its outlook for the future, expressing its anticipation of global net store growth for 2023 to trend in line with, or slightly below, the lower end of its 5% to 7% two-to-three-year forecast. Furthermore, the company’s forecast for global retail sales growth in FY23, excluding currency exchange influences, is expected to land just under the midpoint of its 4% to 8% range over the next two to three years.
DPZ Stock Forecast:
Based on the DPZ stock forecast from 23 seasoned analysts, the average target price is USD 393.57 for October 2024. The average analyst rating for the company is a resounding “Buy.” Stock Target Advisor’s analysts are “Slightly Bullish.” This assessment is based on 6 positive and 4 negative signals.
Current Performance:
At the last closing, the stock price was USD 354.05. This price has changed by -4.57% over the past week,-10.34 % over the past month, and +16.66% over the last year.
Conclusion:
Domino’s Pizza’s Q3 earnings have been a savory delight, surpassing expectations and leaving investors hungry for more. With promising projections and a favorable stock forecast, the company appears poised for a bright future. The mixed fortunes of same-store sales underscore the importance of global expansion as the company navigates through evolving market dynamics. As Domino’s continues to innovate and adapt, its stock performance will be a matter of close watch for both investors and pizza enthusiasts alike.
