Domino's Pizza Closes at Record High as CEO Prepares His Exit
Domino's Pizza Party Still in Full Swing as CEO Nears His Exit
(Bloomberg) -- Someone order pizzas: Patrick Doyle is going out with a bang.
Domino’s Pizza Inc. reported first-quarter sales that were well above estimates -- by about $100 million -- in Chief Executive Officer Doyle’s second-to-last quarter at the helm. Comparable-store sales in the U.S. rose 8.3 percent, outpacing the 4.7 percent rate the market expected. The shares closed at a record high Thursday following the news.
Doyle, who is leaving his post as the pizza chain’s CEO in June, has overseen a period of torrid growth for the company. Although shareholders sold off the stock when his departure was announced in January, the company is “in good hands,” Doyle said Thursday. He will be succeeded by international head Richard Allison.
The outgoing CEO also stoked analysts’ optimism by touting the company’s progress in establishing the “hotspots” program, which allows for deliveries to locations without an address.
--With assistance from Iris Zambrowski and Riti Joshi (Bloomberg Global Data).
To contact the reporters on this story: Jonathan Roeder in Chicago at jroeder@bloomberg.net, Brandon Kochkodin in New York at bkochkodin@bloomberg.net.
To contact the editor responsible for this story: Anne Riley Moffat at ariley17@bloomberg.net.
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