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研究快訊:DPZ:美國同業表現保持正面但低於預期;國際市場疲軟

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-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下: DPZ公佈2026年第一季每股收益為4.13美元,年減4.6%,低於市場普遍預期的4.27美元;總營收成長3.5%至11.5億美元,略低於市場普遍預期的11.6億美元。營業收入成長9.6%至2.304億美元,反映出供應鏈效率的提升。美國同店銷售額成長0.9%(去年同期下降0.5%),但鑑於競爭環境,我們認為這一業績低於預期。管理層將美國市場描述為“競爭日益激烈”,並指出傳統披薩競爭對手和第三方外送平台加強了促銷。國際同店銷售額下降0.4%(去年同期成長3.7%),反映宏觀經濟逆風,成長率顯著放緩。供應鏈利潤率提升至12.2%(+60個基點),得益於生產效率的提高抵銷了食品成本的上漲。公司維持了強勁的門市擴張勢頭,淨增加180家門市,但由於營運資本變動不利,自由現金流下降10.6%至1.47億美元。

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