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Shares of Domino's Pizza rose more than 7.5 percent in midday trading on Tuesday after the company posted third quarter earnings that beat analyst expectations.
The pizza chain reported earnings of 96 cents per share on revenue of $567 million, well above expectations for 90 cents a share on revenue of $543 million, according to consensus estimate from Thomson Reuters.
Domino's revenue grew 16.9 percent in the third quarter versus the prior year, due to increased volumes and store growth, according to the company. Globally, the company opened 316 stores in the quarter.
The company also cited same-store sales as a driving force behind its revenue growth.
Domestic same-store sales for the company rose 13 percent in the quarter, marking the 22nd consecutive quarter of positive growth in the U.S.
Its company-owned stores in the U.S. saw same-store sales rise 13.8 percent, topping analysts' expectations of 8.3 percent. Domestic franchisee-owned stores posted same-store sales growth of 12.9 percent, also beating analysts' expectations of 9.2 percent, according to consensus estimate from StreetAccount.
Internationally, same-store sales grew 6.6 percent for the quarter, slightly above analysts' expectations of 6.2 percent, according to consensus estimate from StreetAccount. This is the 91st consecutive quarter of international same store sales growth for Domino's.
"We continued to execute at a very high level during the third quarter, as our unprecedented momentum, steady strategy and alignment with our outstanding franchisees is helping to take the business to new heights," J. Patrick Doyle, Domino's president and CEO, said in a statement.
The company's surging same-store sales are an anomaly in the restaurant industry which has been plagued by slowing foot traffic and high competition. Unlike other rivals, low grocery prices and uncertainty over the coming election seemed to have little negative impact on Domino's quarter.
"We believe that continued woes by Pizza Hut U.S. — which has already reported that its third-quarter same-store sales declined by 2 percent — are largely Domino's gain, although Domino's certainly appears to be taking share from regional chains and independents as well," Mark Kalinowski, a Nomura analyst, wrote in a research note Monday.