Domino's Pizza Announces Record Results for 2002
ANN ARBOR, Mich. - March 4, 2003 - Domino's, Inc., the recognized leader in pizza delivery, today announced record results for the fourth quarter and fiscal 2002, which ended December 29, 2002. In addition to achieving record earnings and system-wide sales, Domino's full year domestic same store sales growth (+2.6%) exceeded those of all reporting national pizza chains. Management attributed its success to continued emphasis on product quality and customer service as well as strong marketing promotions.
(versus full year 2001)
- Net income increased 64.9% to $60.7 million.
- Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 16.7% to a record $189.3 million.
- Domestic same store sales increased 2.6%; comprised of a domestic franchise same store sales increase of 3.0% and flat domestic Company-owned same store sales.
- International same store sales increased 4.1%, on a constant dollar basis.
- System-wide sales increased 4.7% to a record of nearly $4.0 billion.
- The Company repaid $52.7 million of debt during 2002.
Fourth Quarter 2002 Highlights
(versus fourth quarter 2001)
- Net income increased 90.3% to $23.1 million.
- EBITDA increased 17.6% to $62.1 million.
- Domestic same store sales remained flat; comprised of a domestic franchise same store sales increase of 0.6% and a domestic Company-owned same store sales decrease of 4.1%.
- International same store sales increased 3.8%, on a constant dollar basis, marking the 36th consecutive quarter of international same store sales growth.
- System-wide sales increased 2.9% to $1.2 billion.
- The Company repaid $8.8 million of debt during the fourth quarter of 2002.
David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "We have always believed that the pizza company with the best people will win. This philosophy has proven out once again through our strong 2002 financial results, and through our fourth consecutive year of improving quality and customer service, as ranked by the American Customer Satisfaction Index. Our exceptional people - franchisees, store managers and team members worldwide - continue to set us apart from our competitors."
Management added that Domino's increased domestic market share in its core business of pizza delivery by nearly one full point, to 19.9%, as tracked by NPD Crest in 2002.