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Domino's Pizza updates long-range sales outlook

Domino's Pizza Inc. on Oct. 8 revised its long-range outlook for domestic and global sales, narrowing down the projection to two to three years from the previous three- to five-year outlook.

The Michigan-based pizza chain said it now expects global retail sales to grow by 7% to 10% in the two- to three-year term, versus the previous growth expectation of 8% to 12% in three to five years.

It also revised its outlook for same-store sales. In two to three years, Domino's expects U.S. same-store sales to grow 2% to 5%, compared to the prior growth projection of 3% to 6% in three to five years. International same-store sales growth is expected to range from 1% to 4%, compared to the previous expectation of 3% to 6% in three to five years.

Meanwhile, global net store growth is expected to range between 6% and 8% in two to three years instead of three to five years.

Domino's disclosed the outlook change as it reported a 5.8% year over year increase in global retail sales in the fiscal third quarter ended Sept. 8.

However, for that period, Domino's missed analysts' estimates compiled by S&P Global Market Intelligence. Net income came in at $86.37 billion, up from $84.10 billion in the same period a year ago, but missing the Market Intelligence consensus net income estimate of $87.26 billion.

Diluted EPS for the three-month period was $2.05, up from $1.95 in the third quarter of fiscal 2018 but missing the Market Intelligence consensus normalized EPS estimate of $2.08.

Fiscal third-quarter revenue rose 4.4% year over year to $34.8 million due to an increase in worldwide store counts and U.S. and international same-store sales growth.