ANN ARBOR, Mich. - Domino's Pizza Inc. (NYSE: NYSE:DPZ), known for being a major player in the global pizza market, announced today the appointment of Maureen Pittenger as Executive Vice President and Chief Human Resources Officer, set to take effect July 8, 2024. Pittenger will be directly reporting to Domino's CEO Russell Weiner and will oversee the company's human resources strategies and functions.
Pittenger comes to Domino's with a wealth of experience, having more than two decades of human resources expertise. She most recently held the position of Senior Vice President and Chief Human Resources Officer at Dana Inc. since 2022, after joining the company in 2019 as Vice President of Corporate Human Resources. Her prior experience includes a series of escalating HR leadership roles at Visteon (NASDAQ:VC) Corp., which she began in 2001.
CEO Russell Weiner expressed enthusiasm about Pittenger's arrival, highlighting her track record in building high-performing teams and her potential to further enhance Domino's workforce development on a worldwide scale. Weiner emphasized that the company's people are a key competitive advantage.
For her part, Pittenger expressed excitement about joining Domino's, citing the company's purpose- and performance-driven culture. She looks forward to contributing to Domino's mission to "Feed the Power of Possible" by developing a dynamic work culture that attracts, retains, and develops top talent in alignment with the company's core values.
Pittenger's academic credentials include a bachelor's degree from the University of Michigan-Dearborn and a Juris Doctorate from Wayne State University.
Domino's Pizza, founded in 1960, operates a global enterprise with over 20,700 stores in more than 90 markets and has seen global retail sales exceeding $18.5 billion for the trailing four quarters ended March 24, 2024. The company has a strong digital presence in the U.S., with more than 85% of its U.S. retail sales in 2023 made through digital channels.
The information is based on a press release statement from Domino's Pizza.
In other recent news, Domino's Pizza has been the focus of several financial firms' analyses. RBC (TSX:RY) Capital maintained a positive outlook on the company, reiterating an Outperform rating. This followed a Non-Deal Roadshow in Toronto, where discussions centered on Domino's business strategies and market positioning.
Similarly, Goldman Sachs (NYSE:GS) initiated coverage with a Buy rating, citing strong momentum from strategic initiatives. They anticipate a compound annual growth rate of 5% in unit growth and a 3-4% increase in same-store sales growth from 2024 through 2026.
Domino's Pizza's first-quarter performance was marked by a 5.6% U.S. comparable sales increase, driven by strategies such as the revamped rewards program and the expansion of its partnership with Uber (NYSE:UBER) Eats. Wells Fargo (NYSE:WFC) acknowledged this strong performance and raised their price target for Domino's. HSBC also noted the company's robust free cash flow growth, projected to have a compound annual growth rate of 13.2% from 2023 to 2026.
Other firms' outlooks varied, with Citi maintaining a neutral stance, highlighting Domino's focus on everyday value, product innovation, and growth channels like third-party delivery. Despite potential challenges in maintaining the upward trajectory of EBIT margin percentages throughout the remainder of the year, these recent developments reflect the ongoing positive financial results and outlook for Domino's Pizza.
InvestingPro Insights
As Domino's Pizza Inc. (NYSE: DPZ) welcomes Maureen Pittenger to its executive team, the company's financial health and market performance remain a focal point for investors. With a robust market capitalization of $18.18 billion, Domino's stands out in the fast-food industry. The company's commitment to shareholder returns is evidenced by its impressive track record of raising dividends for 10 consecutive years, a testament to its financial stability and investor-friendly approach. In fact, Domino's has not only raised but also maintained dividend payments for 13 consecutive years, aligning with its goal to deliver long-term value to its shareholders.
While the company trades at a high earnings multiple with a P/E ratio of 33.39, reflecting investor confidence in its future growth, this also indicates a premium valuation relative to near-term earnings growth. The PEG ratio, which stands at 1.86 for the last twelve months as of Q1 2024, suggests that investors are expecting higher earnings growth in the future compared to the company's current earnings trajectory. Additionally, the company's revenue growth for the first quarter of 2024 was positive at 5.88%, signaling continued business expansion despite a slight dip in revenue growth over the last twelve months.
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