Shares of Domino's Pizza (DPZ -0.87%) surged 14.6% to a record closing high of $538.82 on Thursday following the release of its second-quarter results.
Domino's revenue rose 12% year over year to $1 billion, fueled by new store openings and impressive same-store sales growth. U.S. comps improved 3.5%, bringing Domino's two-year, same-store increase to a stunning 19.6%. The pizza giant's international comparable sales growth was likewise commendable, with comps rising 13.9% year over year and 15.2% on a two-year basis.
In a press release, CEO Ritch Allison said:
I am very pleased with our strong global retail sales and store growth momentum during the second quarter, which demonstrated the power of our investments in innovation, our focus on food quality and superior service, and our dynamic franchisees who are dedicated to serving their local neighborhoods.
All told, Domino's adjusted earnings per share (EPS) climbed 4.3% to $3.12. That was well above Wall Street's estimates for EPS of $2.87.
Investors were relieved that Domino's sales are holding up well even as the economy reopens. Demand for pizza delivery surged during the pandemic when many dine-in restaurants were forced to close and social distancing measures kept people at home. The company's solid revenue performance suggests that Domino's will continue to fare well after the COVID-19 crisis eventually subsides.