Third Quarter Highlights:
(dollars in millions,
except per share data) Third Third First Three First Three
Quarter of Quarter of Quarters of Quarters of
2008 2007 2008 2007
Net income $10.1 $11.0 $42.9 $21.7
Weighted average
diluted shares 58,042,743 63,971,505 58,859,220 64,534,801
Diluted earnings per
share, as reported $0.17 $0.17 $0.73 $0.34
Items affecting
comparability
(see section below) $(0.05) $- $(0.17) $0.49
Diluted earnings
per share, as adjusted $0.13 $0.17 $0.56 $0.82
Diluted EPS was $0.17 on an as-reported basis for the third quarter, flat from the as-reported prior year period. However, excluding items affecting comparability, diluted EPS declined $0.04, primarily due to lower operating income from domestic operations.
Third Quarter Third Quarter
of 2008 of 2007
Same store sales growth: (versus
prior year period)
Domestic Company-owned stores (3.4)% +0.8%
Domestic franchise stores (6.4)% (2.0)%
Domestic stores (6.1)% (1.6)%
International stores +5.4% +8.3%
Global retail sales growth: (versus
prior year period)
Domestic stores (5.8)% (0.4)%
International stores +14.1% +20.4%
Total +2.4% +7.2%
Domestic Domestic Total
Company-owned Franchise Domestic International
Stores Stores Stores Stores Total
Store counts:
Store count at
June 15, 2008 515 4,592 5,107 3,564 8,671
Openings 1 34 35 84 119
Closings - (56) (56) (8) (64)
Transfers (4) 4 - - -
Store count at
September 7, 2008 512 4,574 5,086 3,640 8,726
Third quarter 2008
net growth (3) (18) (21) 76 55
Trailing four
quarters net
growth (53) 3 (50) 266 216
David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "A key component of our turnaround plan is the renewal of our brand - including significantly expanding our menu, improving our existing products, entering new day parts, increasing store traffic and energizing our franchise system. Reversing negative trends in the current environment is very tough. Our operators face the powerful forces of high commodity prices, consumers who are reluctant to spend, and a credit crunch that has slowed domestic new store growth, re-investment in stores, and our ability to expedite the turnover of poor-performing franchisees. Despite these macroeconomic challenges, we believe in our turnaround plan for our domestic business and are encouraged by the initial results of many of our new initiatives. Internationally, we continue to experience strong sales and continued expansion. Most important, our strong cash flows remain the mainstay of our business model. We believe 'cash is king' in today's uncertain market conditions."
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