Domino's down after missing Q3 US sales growth expectations
Updates
** Shares of Domino's Pizza DPZ.N fall as much as 3.7% to $398 in early trade
** Co posts smaller-than-expected Q3 U.S. same-store sales growth of 3% compared with expectations of 3.6%, according to data compiled by LSEG
** Fast food chains have intensified promotions and value offers to entice price-conscious customers who are opting to eat at home
** Expects 2024 global retail sales growth of ~6% vs. prior estimate of 7% rise
** Also lowers annual net store growth target to 800 to 850, vs. 825 to 925 earlier
** Asia, Europe and Middle East markets pressured, with softness in the Middle East driven by impact from geopolitical tensions - CFO Sandeep Reddy on post-earnings call
** Posts revenue of $1.08 bln, missing estimates of $1.10 bln; EPS of $4.19 beats estimates
** Up to Wednesday's close, stock had risen 21% YTD
Reporting by Neil J Kanatt in Bengaluru
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