Domino’s Pizza Inc. fell the most in almost two years after foreign-exchange rate moves and an insurance charge weighed on third-quarter profit.
Profit in the quarter ended Sept. 6 was 67 cents a share, excluding certain items, the Ann Arbor, Michigan-based company said Thursday in a statement. Analysts estimated 76 cents a share, according to estimates compiled by Bloomberg. The results may not be comparable because certain items may not have been included in the estimates.
The pizza chain has been trying to draw more customers by enabling diners to order online, with their phones or even via Twitter. A stronger U.S. dollar hurt earnings at Domino’s, which has about 7,000 locations overseas and 5,100 domestically. Higher insurance claims hurt earnings by about 6 cents a share, the company said.
The shares dropped 5 percent to $102.64 in New York on Thursday, the biggest slide since Oct. 15, 2013. Domino’s has gained 9 percent this year.
Despite the earnings miss, same-store sales in the quarter were strong, rising 10.5 percent in the U.S. and 7.7 percent internationally.