Domino’s stakeholders should brace themselves for weaker U.S. same-store sales in the second quarter, according to a leading international brokerage. 

Domino’s, which is currently transitioning to a new CEO with the departure of Russell Weiner, is scheduled to report its Q2 results on July 20. According to various media outlets, UBS, a leading global wealth manager and the largest universal bank in Switzerland, has forecast that Domino’s U.S. same-store sales will decline between 1% and 2% in the latest quarter of 2026. That compares to Wall Street’s expectations of growth of 0.3%.

According to UBS, softer consumer spending and intensive competition from other chains will likely offset Domino’s gains from its value offers, such as the current Emergency Pizza giveaway of $1 million in free pizza (tied to the World Cup), its latest Best Deal Ever offer (running through July 26) as well as the growth of the Domino’s Rewards loyalty programs and the success of its third-party delivery partnerships.

UBS analyst Dennis Geiger was quoted as saying: “We continue to view [Domino’s] as positioned for longer-term market share gains and accelerating global development, but expect 2Q results to reflect near-term pressure from macro headwinds, elevated pizza category promo activity, and increasingly difficult prior-year comparisons.”

UBS forecasts global net store growth of 4.6% for Domino’s in the second quarter, including 31 net new stores in the U.S. and 165 internationally. The analysts noted that international expansion remains a strength for the brand.

UBS also reiterated a “Buy” rating and a $375 price target for Domino’s shares, which are currently trading at $303.30, down 24% year to date.

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