Domino's same-store sales decline

Domino's Pizza lost momentum in the three months through Sept. 2021, with a U.S. same-store sales decline of 1.9%, the first U.S. same-store sales decline in 10 years, according to a report in The Wall Street Journal.

The international business posted strong results, with same store sales growth of 8.8% during the quarter. The third quarter marked the 111th consecutive quarter of international same store sales growth. The company had third quarter global net store growth of 323 stores, comprised of 45 U.S. store openings and 278 international store openings, according to a press release.

Domino's posted sales of $998 million for the three months ending Sept. 12. Domino's reported profit of $3.24 a share, adjusted for one-time items. Shares closed at $454.91 on Friday. A 52-week range ranged from $319.71 to $548.72.

"We are pleased with our results this quarter, with robust store and sales increases internationally, while rolling over our highest quarter of 2020 in the U.S. On a two-year basis, our U.S. same store sales were up 15.6% over the 2019 baseline, with our international same store sales up 15.0% during that time, marking significant growth in our brand," Ritch Allison, Domino's CEO, said in the release. "We are proud of our franchisees who continue to focus on providing great products at a great value to our customers around the world."

The company blamed the sales decline in part on the lack of a federal stimulus in the third quarter and the fact that some restaurants had to close due to staffing issues. Like most restaurants, Domino's has been plagued by supply chain issues and staffing shortages.