Domino's Pizza CEO Ritch Allison announces retirement as Q4 sales weaken

Domino's Pizza CEO Ritch Allison announced his retirement on Tuesday, the same day the company announced weaker-than-expected fourth-quarter earnings.

Allison, 55, said he will step down at the end of April. He will be replaced by Russell Weiner, 53, who is currently Domino's president and chief operating officer.

Domino's global revenue fell 1 per cent to USD 1.34 billion in the October-December period. That was short of Wall Street's forecast of USD 1.38 billion, according to analysts polled by FactSet.

Domino's earned USD 4.25 per share in the fourth quarter, also falling short of the USD 4.28 that analysts forecast.

 

The Ann Arbor, Michigan-based company said US sales were down 3 per cent in the fourth quarter.

On a conference call with investors Tuesday, Domino's said staffing shortages forced some stores to limit their hours and impacted customer service. Sales comparisons were also impacted by an extra week in 2020, the company said.

Domino's shares fell 3 per cent in morning trading.