Domino’s delivers strong Q3 results
Ann Arbor, Mich. – Domino’s Pizza, Inc. reported significant increases in net income, revenues and same-store sales during the third quarter of fiscal 2013. Net income was up 17.9% for the third quarter compared to the prior year period, from $26 million to $30.6 million.
Domino’s said net income improvements were driven by respective domestic and international same-store sales growth rates of 5.4% and 5%, global store count growth of 126 net stores and a lower effective tax rate, offset in part by higher general and administrative expenses and the negative impact of foreign currency exchange rates.
Meanwhile, revenues grew 6.9%, to $404.5 million from $378.08 million, due primarily to higher supply chain revenues from increased store order counts, higher domestic franchise and company-owned store revenues, and higher international revenues resulting from both same store sales and store count growth.
"Domino’s Pizza is connecting with customers everywhere through technology, quality, convenience and value,” said J. Patrick Doyle, president and CEO of Domino’s. “We continue to hold a leading presence in the restaurant category as a brand with solid momentum both in the U.S. and around the world, with dedicated franchisees who are focused on great pizzas, strong customer service and consistent operations."
Sears, Kmart expand Shop Your Way services for holidays
Hoffman Estates, Ill. – Sears and Kmart are offering members of the Shop Your Way loyalty program a variety of new services for the holidays. For example, Kmart’s lease-to-own program through Whynot Leasing, LLC will be available nationwide starting Nov. 22, giving customers a no-credit-required way to take home products immediately.
Throughout the holidays, Sears and Kmart will also offer Shop Your Way members exclusive sales and deals including Family & Friends sales, gas savings offers from Kmart, and more. Other offerings include a Shop Your Way mobile app that includes a “Shop’In” feature allowing members to check in while shopping at a store to browse merchandise, access exclusive sales, and load coupons to their account from a smartphone, as well as e-coupons, layaway, in-store payment for online purchases and free, in-store, same-day pickup of online purchases.
"This year’s holiday season is about savings and creating seamless shopping experiences for our Shop Your Way members, so we’re relentlessly focused on delivering a world-class integrated retail shopping platform that delivers on these benefits," said Imran Jooma, executive VP and president, online, marketing, pricing and financial services, Sears Holdings. "Sears and Kmart are committed to helping members and customers find convenient and affordable ways to shop, without letting the joy of the season become overshadowed by stresses like financial concerns."
Report: Glitch eliminates food stamp limits in La. Wal-Mart stores
Bentonville, Ark. – A computer glitch reportedly eliminated limits on the debit card limits of food stamp recipients in some Wal-Mart stores in northern Louisiana on Oct. 12. According to Reuters, managers of Wal-Mart stores in Springhill, and Mansfield, La., called local police when large numbers of shoppers began coming in and purchasing huge volumes of products on electronic benefits transfer (EBT) cards that had no credit limit.
The glitch resulted from a power outage at Xerox, which operates EBT processing systems under contract from the Louisiana Department of Children and Family Services. Spokespeople for Wal-Mart and Louisiana state officials told Reuters that Xerox is responsible for the incident, while Xerox said it has a documented process for retailers to follow in the event of an EBT outage.
Although Wal-Mart had the right to stop accepting EBT payments until the problem was fixed, store managers who called corporate headquarters were reportedly told to keep accepting them. Other area grocery stores reportedly stopped accepting EBT payments during the glitch. Shoppers who used their EBT cards beyond normal credit limits did not break any laws and it is currently unclear how much extra money was spent or whether Wal-Mart, Xerox or both will cover the cost.