Domino's Pizza Withdraws Two- To Three-year Outlook Due To COVID-19

While reporting its financial results for the first quarter on Thursday, Domino's Pizza Inc. (DOM.L,DPZ) said it is withdrawing its two-to three-year outlook for global retail sales growth, U.S. same store sales growth, international same store sales growth and global net unit growth.

The company is withdrawing its outlook due to the current uncertainty surrounding the global economy and the company's business operations considering COVID-19.

During the first week of the first quarter of 2020, Domino's Pizza repurchased and retired 271,064 shares of its common stock in open market repurchases under its board of directors-approved share repurchase program for about $79.6 million.

As of March 22, 2020, the company's total remaining authorized amount for share repurchases under such program was approximately $326.6 million.

Given the unprecedented impact of the COVID-19 pandemic on its business and the restaurant industry, the company has provided a preliminary estimate for U.S. same store sales growth of 7.1 percent and U.S. retail sales growth of 10.7 percent for the first four weeks of the second quarter of 2020.

For its international business, Domino's Pizza provided a preliminary estimate for same store sales growth of negative 3.2 percent and retail sales growth of negative 18.9 percent for the first three weeks of the second quarter.

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