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Domino’s Pizza Inc (NYSE: DPZ) reported mixed quarterly earnings on Thursday blaming high costs due to inflation and shortage of delivery drivers.
“We continued to navigate a difficult labor market, especially for delivery drivers, in addition to inflationary pressures combined with COVID and stimulus-fueled sales comps from the prior two years in the U.S.," said CEO Russell Weiner.
For the second quarter, net income of the company was $102.5 million, or $2.82 per share, down from $116.6 million, or $3.06 per share, a year earlier.
Same-store sales fell 2.9% in the US compared to last year, when people ordered more while staying at home. Sales were also hurt as some locations shortened their hours due to driver shortage.
Net sales, though, rose 3.2% in the quarter to $1.07 billion as higher food costs it’s charging franchisees.
The company also opened 233 net new stores this quarter.
Picture Credits: Getty Images
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