Domino's Pizza Q2 Net Income Widens
The company posted total revenues of $384.93m for the second quarter of 2011, an increase of 6.2 percent, compared to $362.40m for the same period in 2010.
The surge in revenues was primarily due to higher same store sales in both domestic and international stores, store count growth in international markets and higher commodity prices impacting the Company's supply chain operations.
Domestic same store sales were up 4.8 percent versus the year-ago period, comparing favorably against a strong second quarter in 2010, which was up 8.8 percent.
Total cost of sales was $ 274.23m for the second quarter of 2011, compared to $262.06m in the prior-year period. Global retail sales were up 14.5 percent in the second quarter of 2011.
Patrick Doyle, president and CEO of Domino's, said: â€œThe sales momentum in our business continues, resulting in a strong first half for 2011. Domino's is in over 70 markets around the world; a diversified global presence that has driven steady, positive results. We like our position in the category; and we have tremendous energy to produce even better returns for our shareholders and franchisees going forward.â€
The companyâ€™s board approved an increase to its open market share repurchase program resulting in a total remaining authorized amount for additional share repurchases of $200m in July 2011.
Will the firm further improve net income in Q3?
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