EARNINGS-Domino’s quarterly profit misses even as pandemic boosts pizza demand
Recasts throughout with shares, estimates
Oct 8 (Reuters) – Domino’s Pizza Inc DPZ.N reported a smaller-than-expected profit on Thursday, as high COVID-19-related costs and staff bonuses offset a jump in demand for pizzas during the coronavirus crisis.
Shares of the Ann Arbor, Michigan-based company, which have risen about 47% this year, were down about 5% before the bell.
The world’s largest pizza chain has thrived during the health crisis as diners staying at home craved more comfort food, but that came at a cost for the company, which spent millions on hiring more staff, bonuses, sick-pay policies and sanitary supplies.
Still, sales at Domino’s U.S. stores open for more than a year rose 17.5% in the third quarter ended Sept. 6, exceeding Wall Street estimates of 13.14%, according to IBES data from Refinitiv.
The resumption of sports leagues such as the National Basketball Association and the National Hockey League