Domino's Pizza stock falls on disappointing sales — and CEO thinks more chains will follow [MSNBC.com]
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Source: MSNBC.com
Domino's PizzaThe chain's domestic same-store sales rose just 0.9%, lower than the 2.3% bump expected by Wall Street analysts, based on StreetAccount estimates."We're not happy with it," CEO Russell Weiner told CNBC.The pizza chain also lowered its full-year U.S. same-store sales forecast to low-single digit growth, down from its prior projection that U.S. same-store sales will increase 3%.Weiner said he expects more fast-food chains to report similar headwinds from winter weather and weak consumer sentiment, which took a dive in March due to spiking fuel prices caused by the U.S.-Israeli war with Iran."One of the bad things about reporting first is you don't get to hear about anybody else," Weiner said.Domino's kicked off the earnings season for restaurant chains.StarbucksChipotle Mexican GrillYum BrandsPapa John'sDuring the quarter, Domino's also faced stiffer competition from rival pizza chains. Papa John's and Pizza Hut both matched Domino's $9.99 "Best Deal Ever" with promotions
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