Domino's falls over 8% on US sales miss, trims forecast
Domino's Pizza just had a rough Monday. Its shares fell over 8% after US sales grew by only 0.9%, missing the expected 2.3%.
Because of this, Domino's has lowered its annual US same-store sales growth forecast to low single digits instead of the previous 3% gain.
Competition, fuel costs hit Domino's value
The pizza game is getting crowded, with Papa John's and Pizza Hut rolling out similar deals, and Little Caesars dropping prices even more.
On top of that, higher fuel costs are making customers think twice about delivery.
Over the past year, Domino's stock has dropped by more than one-third, bringing its value down to about $11.2 billion.
Yum! Brands, Papa John's earnings, closures
This week is big for pizza chains: Yum! Brands (Pizza Hut's parent) reports earnings today, and Papa John's follows next Thursday.
Both are planning to close some stores this year, which could give Domino's a chance to bounce back if it plays its cards right.