BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Domino's Q1 2024 Earnings: Strong Sales and Profit Growth Highlight Successful Quarter
ANN ARBOR, Michigan, April 29, 2024 - Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world, today announced its financial results for the first quarter of 2024, showcasing notable growth in sales, store count, and profits across both U.S. and international markets.
Key Financial Highlights
Domino’s achieved a 7.3% increase in global retail sales, excluding foreign currency impacts, during the first quarter. The U.S. stores led the way with a 7.8% rise in sales, contributing to a total revenue increase of 5.9% to $1,084.6 million. U.S. same-store sales saw a growth of 5.6%, while international same-store sales grew by 0.9%, also excluding foreign currency impacts.
The company opened 203 new stores globally, netting a growth of 164 stores after closures and transfers. This expansion underscores Domino's ongoing market penetration and operational growth strategy.
Operational Efficiency and Profitability
Income from operations surged by 18.6%, reaching $210.4 million. Adjusting for a negative foreign currency impact of $1.4 million on international franchise royalty revenues, the operational income increase was even more significant at 19.4%. Net income rose by 20.1% to $125.8 million, driven by robust sales and improved operational efficiencies.
Strategic Initiatives and Market Adaptations
Russell Weiner, CEO of Domino's, highlighted the success of the company's "Hungry for MORE" strategy, which focuses on enhancing sales, expanding store count, and increasing profitability. A pivotal part of this strategy has been the revamped Domino's Rewards loyalty program, which significantly contributed to the company’s performance this quarter.
Moreover, Domino's has effectively integrated new sales channels, including a partnership with Uber Eats, anticipated to account for 3% of annual sales by year-end.
Future Outlook and Shareholder Returns
Looking forward, Domino's reaffirms its long-term guidance for 2024-2028, anticipating over 7% annual global retail sales growth and more than 1,100 annual global net store growth. The company also projects over 8% annual growth in income from operations.
The Board of Directors declared a quarterly dividend of $1.51 per share, payable on June 28, 2024, to shareholders of record as of June 14, 2024. Additionally, the company repurchased 56,372 shares of common stock for $25.0 million in the first quarter, with $1.12 billion remaining authorized for future repurchases.
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