Domino‘s Pizza Enterprises Ltd (DMP.AX): DPZ Q2 earnings readthroughs for DMP

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Domino‘s Pizza Enterprises Ltd (DMP.AX): DPZ Q2 earnings readthroughs for DMP

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20 Jul 2026 19:30:45 ET │ 15 pages

Domino's Pizza Enterprises Ltd (DMP.AX)

DPZ Q2 earnings readthroughs for DMP

CITI'S TAKE

Neutral DPZ attributed the headwind from DMP’s SSS as a reason it missed 2Q26

expectations (period to June 14), however it is clear that DPZ is working Price (20 Jul 26 16:00) A$17.09

closely with DMP to improve performance. DPZ is particularly positive on Target price A$16.90

DMP’s incoming CEO Andrew Gregory, and plan to work with Gregory Expected share price return -1.1%

focusing on “the right kind of value to recapture order counts”. DPZ kept Expected dividend yield 3.5%

its 2026 guidance for low single digit comp sales growth for its Expected total return 2.4%

international business which is a positive sign for future growth given Q1

Market Cap A$1,619M and Q2 SSS growth were both slightly negative SSS growth.

US$1,136M

Details

Q2 comp sales improves on Q1 for Domino’s international business. Comp sales for Food & Beverage Team

Domino’s international business declined by -0.1% in Q2, an improvement from the

Sam TeegerAC-0.4% in Q1. DPZ noted the international business comp sales continued to be

+61-2-8225-4319impacted by DMP, noting that DMP was a drag on SSS, and the performance

sam.teeger@citi.com

continued to be impacted by DMP’s focus on profitability – actively reducing the

lower margin transactions and as a result had a reduction in order counts where the Eileen Li

ticket increase has not been able to compensate it. That has had a same store sales

drag that impacts DPZ “pretty materially”. The CFO noted that DMP remain focused

on turning the business around and they are working closely together. Comps were