Domino’s, the 7,096-strong global chain of pizza delivery outlets, has announced record results for the Q2 2002, ended 16 June 2002, and the completion of a new US$465m senior credit facility replacing the previously existing US$545m senior credit facility.
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Fiscal highlights
* Net income increased 21.8% to US$10.8m.
* EBITDA increased 13.9% to a Q2 record of US$41.6m.
* Domestic same store sales increased 4.2%, comprised of a 4.7% increase in domestic franchise same store sales and a 1.5% increase in domestic company-owned same store sales.
* International same store sales up 4.7%, marking the 34th consecutive quarter of growth.
* System-wide sales increased 6.0% to US$904.3m.
* Domino’s repaid US$17.6m of debt during the Q2 2002, bringing total debt repayments over the most recent four fiscal quarters to nearly US$53m.
“Domino’s Pizza continues to produce record results despite the challenges associated with the current economic environment,” said chairman and CEO David A. Brandon. “We believe our sales momentum is a result of our improved store operations, stronger marketing, and, most importantly, the positive energy being generated by our outstanding franchisees and team members worldwide.”
Financial Summaries
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By GlobalData(Dollars in millions)
Q2 ended H1 ended
16 June 17 June % 16 June 17 June %
2002 2001 Change 2002 2001 Change
System-wide sales $904.3 $853.1 6.0% $1,851.9 $1,731.3 7.0%
Total revenues 294.1 283.8 3.6 602.1 571.4 5.4
EBITDA 41.6 36.6 13.9 87.4 73.3 19.2
Income from
operations 30.8 29.8 3.3 69.3 58.7 18.2
Net income 10.8 8.9 21.8 26.7 16.7 60.1
The increases in Q2 and H1 system-wide sales in 2002 are due primarily to increases in both domestic and international same store sales and worldwide store counts.
The increase in H1 total revenues is due primarily to an increase in domestic same store sales, a related increase in distribution volumes and, to a lesser extent, an increase in international revenues. Domestic distribution revenues were negatively impacted by lower food basket prices, including lower cheese prices, during the Q2 and H1 2002, year on year. The lower food basket prices resulted in a decrease in domestic distribution revenues in the Q2 2002, compared to 2001.
The increases in Q2 and H1 EBITDA in 2002 are due primarily to strong system-wide sales growth as a result of increases in domestic and international same store sales. During the H1 2002, domestic same store sales increased 6%. The increase in domestic same store sales during the H1 2002 was due in part to continued success in our overall marketing programmes. We also benefited from an increase in distribution volumes as a result of increased domestic sales activity. This EBITDA gain was offset in part by company-wide increases in insurance costs.
