2023-04-27 13:46:00 ET
Domino's (NYSE: DPZ) shareholders sat out the market rally on Thursday. The pizza delivery leader's stock fell 6% by 1:15 p.m. ET, compared to a 1.2% increase in the S&P 500 . Domino's shares are now down nearly 10% so far in 2023 while the wider market is up 7%.
Thursday's decline was sparked by the chain's Q1 earnings update, which showed market share challenges in the competitive fast food space.
The good news for shareholders is that Domino's growth trends are improving in the core U.S. market. Comparable-store sales rose 4% at home, compared to a 1% uptick last quarter and a 1% decline for the full 2022 year. Modest growth in international markets, plus a growing global store base, combined to push sales up 6% after adjusting for currency exchange rate swings.
For further details see:
Why Domino's Stock Dropped on Thursday