Trending: Domino's Pizza Rallies on Uber Eats Deal as Delivery Business is Challenged
25 July 2023 - 4:06AM
Dow Jones News
1335 ET -- Domino's Pizza Inc. is one of the most mentioned
companies in the U.S. across all news items in the last 12 hours,
according to Factiva data. Domino's Pizza shares rallied toward an
11-month high Monday as it was upbeat about its collaboration with
Uber Eats, saying entering the aggregator marketplace could add $1
billion in new sales. The upbeat comments, and the indication the
company could announce similar deals, followed second-quarter
results in which Domino's beat profit expectations but missed on
revenue, as delivery same-store sales declined for an eighth
straight quarter. "The U.S. delivery business continues to be
challenged," said Chief Executive Sandeep Reddy. "We expect
[third-quarter] same-store sales trends in our delivery business to
be challenged ..." He expects a "slight improvement" in trend in
the fourth quarter as the company's updated loyalty program rolls
out and because of expected transaction growth from the Uber Eats
partnership. Dow Jones & Co. owns Factiva.
(matthew.walker@dowjones.com)
(END) Dow Jones Newswires
July 24, 2023 13:51 ET (17:51 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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