Domino's Pizza (NYSE:DPZ) shares traded modestly higher as the chain of pizza restaurants posted mixed earnings for the third quarter and cut its full-year sales guidance.
The company slashed its global retail sales growth target to 6% from 7%, citing the “challenging macroeconomic environment and its impact on current business trends across the globe.”
It also now expects net store growth of 800 to 850, down from its earlier expectation of 825 to 925.
For Q3, earnings per share (EPS) of $4.19 were up from $4.18 in the year-ago quarter and ahead of the $3.71 expected by Wall Street.
Revenue of $1.08 billion, however, missed estimates of $1.10 billion.
US same store growth was 3% while international same store growth was 0.8%, excluding the impact of foreign currency exchange rates.
"Our third quarter results once again demonstrated that our Hungry for MORE strategy is resonating, despite a pressured global marketplace,” Domino’s CEO Russell Weiner commented.
"In our international business, we are on track for our 31st consecutive year of same store sales growth, demonstrating our sustained long-term track record of success.”
Domino’s shares traded 0.2% higher at $414 following the release of its earnings report.