- Domino’s Pizza CEO Russell Weiner said “sequential improvements” made during the third quarter have had encouraging results, resulting in a 2% increase in same-store sales.
- The country’s No. 1 pizza chain raised the price for its mix-and-match delivery deal by $1 in March and now plans a similar hike on the same deal for carryout.
Related: New menu item from Pizza Hut: Keep your Melts to yourself
Same-store sales for Domino’s Pizza increased by 2% in the third quarter of 2022, rebounding from a 2.9% decrease in the previous quarter and a 3.6% decline in the quarter before that. Is the chain poised for a major comeback?
Russell Weiner, Domino’s CEO, sounded a positive note in a statement about the company’s financial results.
“I’m encouraged with our performance and the sequential improvements we made during the third quarter,” Weiner said. “Our team members and franchisees around the world continued to show the agility and perseverance required to operate in a volatile macro-economic environment.”
“As we begin the fourth quarter, I believe Domino’s is poised to emerge from these volatile times stronger than ever,” Weiner added. “We delivered around one out of every three pizzas in the United States before the pandemic, and we deliver around one out of every three pizzas today. Combined with our strong carryout business, where we have continued to accelerate our momentum, I have never been more confident in the future of Domino’s Pizza.”
The chain’s offer of a 20% discount on digital orders was “well-received,” according to CFO Sandeep Reddy, as reported by Nation’s Restaurant News (NRN).
As NRN reports, Reddy said the offer was a “strategic” move for Domino’s. “As a brand, what Domino’s tries to do whenever there is a big tension in society is show we’re advocates for our customers,” he said. “With inflation, everything is up, so Domino’s offering a 20% discount is a strategic communication move more than anything else.”
At the same time, Domino’s plans to raise the price on its carryout mix-and-match deal from $5.99 to $6.99. Back in March, the chain hiked the price for its mix-and-match delivery deal from $5.99 to $6.99. But the offering “remained a great relative value on the delivery side,” Weiner said. “Prices, costs, inputs have changed, and our research indicates we can do the same on the carryout side and maintain relative value.”
Carryout is booming for Domino’s, up about 31% over 2019. According to Restaurant Dive, Weiner said that Domino’s is the top carryout pizza quick-service restaurant in the country.