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Domino's Net Income Plunges 55%

ANN ARBOR, MI-The pizza chain blames increased interest expense 'a continued challenging domestic environment.'

By Bob Howard | Updated on October 16, 2007

ANN ARBOR, MI-Net income plunged 55.2% for Domino’s Pizza Inc. during the third quarter that ended Sept. 9, with the company blaming increased interest expense as a result of higher borrowings and “a continued challenging domestic environment.” Total net income dropped to $10.9 million for the quarter from last year’s figure of $24.5 million, or earnings per share of 17 cents, a drop of 22 cents.

David A. Brandon, Domino’s chairman and CEO, cited “unprecedented cost pressures and a weak consumer environment” in his remarks during the company’s conference call with financial analysts Tuesday. Brandon said that the negative effects of those factors “made striking the right balance between increasing prices, while operating in a period of declining traffic, very difficult.”

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