'We don't know how long that'll last, but as we look out over the next two to three years ... we've got a terrific business model,' Domino's CEO Ritch Allison says.
"We do think there's some irrational pricing out there in the [third-party delivery] marketplace right now funded by venture capital," Domino's Pizza CEO Ritch Allison says.
Venture capital-backed delivery services, such as UberEats and Postmates, that offer users discounts have cut into Domino's own delivery orders, whichafter missing earnings and revenue estimates in its fiscal third-quarter report. "We do think there's some irrational pricing out there in the [delivery] marketplace right now funded by venture capital," Allison toldin a one-on-one interview. "We don't know how long that'll last, but as we look out over the next two to three years, at the revised guidance that we've given, we've got a terrific business model."
In the September quarter, Domino's posted U.S. same-store sales growth of 2.4%, which was short of the 2.8% that analysts expected. Revenue also came in short at $820.8 million against estimates of $823.9 million. The company had $86.4 million in profit, which translates to $2.05 earnings per share. However, earnings came in 2 cents lighter than expected, according to FactSet.
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