Domino's net climbs 42% despite sales decline

by Eric Schroeder
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NN ARBOR, MICH. — Boosted in part by improved international sales, net income at Domino’s Pizza, Inc. rose 42% to $53,971,000, equal to 93c per share on the common stock, up from $37,882,000, or 59c per share, in fiscal 2007. Net sales were $1,425,114,000, down narrowly from $1,462,870,000 in the same period a year ago.

For the fourth quarter, net income slid 32% to $11,026,000, or 19c per share, down from $16,176,000, or 26c per share. Net sales totaled $428,167,000, down from $445,942,000.

"Throughout 2008, we battled many external challenges while laying the groundwork for better future results," said David A. Brandon, chairman and chief executive officer. "I have mixed feelings about our overall results. I am disappointed with our domestic sales performance and the pressure this created on our short-term profits. However, I am excited about the aggressive steps we have taken to improve our franchise system, expand our menu and lunch day part, and strengthen our marketing. And, our international business continues to expand and grow."

Domestic company-owned stores posted sales of $357,703,000 in fiscal 2008, down 9% from $394,585,000. Meanwhile, sales at international locations rose 12% to $142,447,000.

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