Domino’s Pizza (NYSE: DPZ) attributes its strong first-quarter 2024 performance to its “Hungry for MORE” strategy, which has fueled growth in sales, store expansion, and profitability.
Domino’s Q1 2024 Financial Highlights:
- Net Income: $125.8 million ($3.58 per share), up 20% from $104.8 million ($2.93 per share) in Q1 2023.
- Total Revenue: $1.08 billion, reflecting a 5.9% increase from $1.02 billion in the previous year.
During an April 29 earnings call, Domino’s CEO Russell J. Weiner emphasized how each pillar of the “Hungry for MORE” strategy contributed to the company’s growth.
M – Most Delicious Food
Domino’s continues to enhance its menu through product innovations and engaging marketing strategies. Weiner highlighted the company’s investment in high-quality food photography to showcase its menu across marketing and sales channels. Additionally, the company promoted its pan pizza, marking the first major campaign for this product since 2014.
O – Operational Excellence
The brand launched a new service program, “More Delicious Operations,” focused on improving consistency and quality. The first phase, rolled out to all 6,800+ U.S. stores, concentrated on dough preparation. The initiative has contributed to an increase in pizza deliveries and improved delivery times compared to Q1 2023.
R – Renowned Value
Domino’s remains committed to providing value through innovative promotions and a robust rewards program. The company’s “Emergency Pizza” promotion outperformed traditional buy-one-get-one-free deals, driving increased orders and new loyalty program memberships. This initiative played a significant role in boosting Q1 performance.
E – Enhanced by Best-in-Class Franchisees
Weiner credited franchisees as the backbone of Domino’s success. The company is set to host thousands of franchisees at its Worldwide Rally in May, reinforcing its strategic vision and commitment to operational excellence.
Domino’s Future Outlook
With strong Q1 results, Domino’s is confident in its ability to achieve both short-term and long-term strategic goals. The “Hungry for MORE” strategy continues to resonate with customers, driving value for shareholders and positioning Domino’s for sustained growth in 2024 and beyond.
For more updates on Domino’s financial performance and growth strategies, stay tuned.
