Here's Why Domino's Pizza Stock Soared While the Market Plummeted Today
Shares of restaurant chain Domino's Pizza (NYSE: DPZ) soared on Thursday after the company reported encouraging financial results for the third quarter of 2022. The market was down sharply on the latest inflation numbers. But Domino's third-quarter report was good enough for the stock to buck the trend. The stock was up 9.5% as of 10:38 a.m. ET today.
In the third quarter, Domino's generated revenue of over $1 billion, up more than $70 million from the same quarter last year and about what Wall Street expected.
But a large part of Domino's revenue comes from franchisees. Therefore, revenue isn't the same as pizza sales. Looking at sales, global retail sales were down 1.6% year over year, which doesn't look good. But the strength of the U.S. dollar is distorting international sales.
Source Fool.com
