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Investors drove shares of Domino's down by 5.5 percent Tuesday, disappointed in slower-than-expected sales growth during the third quarter.
Revenue rose 22.1 percent during the third quarter over the previous year to $786 million, the company said in releasing its earnings before the markets opened. It fell short of the $788.1 million expected in a survey by Refinitiv.
The company's earnings were otherwise strong, with a 49.2 percent surge in net income to $84.1 million, or $1.95 per share, up from $56.4 million, or $1.18 per share, a year ago. This exceeded analyst expectations of $1.75 per share, according to Refinitiv.
Sales at locations open at least a year rose 6.3 percent during the quarter, in line with forecasts. Same-store sales growth, a key measure of performance for the industry, has risen for 30-straight quarters in the U.S. The last time the company posted a decline in same-store sales was the first quarter of 2011.
Same-store sales at its company-owned stores in the U.S. grew 4.9 percent, but analysts expected it to grow by 6.2 percent, according to StreetAccount.
Domino's domestic franchise-owned stores boasted same-store sales growth of 6.4 percent that was also shy of forecasts of 6.8 percent.
Although investors appear to have been disappointed in the sales growth, Baird analyst David Tarantino called the earnings "solid." It shows the company is well positioned for the fourth quarter and next year, he said in a research note Tuesday.
Internationally, same-store sales jumped 3.3 percent, in line with what was expected. It marked nearly 25 years of positive same-store sales growth in international markets.
Programming Note: For more on Domino's, watch CEO Ritch Allison's interview on "Mad Money" Tuesday night at 6 p.m. ET.