ANN ARBOR Mich. Domino’s Pizza posted a 22.8 percent drop in net income, $31 million, for the fourth quarter of 2006. Net income fell 1.9 percent for the full year, to $106.2 million, the company said.
Domino’s attributed the declines to the fourth-quarter sale of an equity investment in the company’s master franchisee in Mexico, along with 2006 interest expense increases.
Revenues decreased 4.8 percent for the fourth quarter, to $435.3 million. Total year revenue fell to $1.44 billion from $1.51 billion.
Same-store sales fell 1 percent for the quarter and 2.2 percent for the year. David Brandon, Domino’s chairman and chief executive, said domestic marketing and promotions underperformed during the first half of the year.
International same-store sales increased 3.9 percent.
Brandon said the goal for 2007 for the 8,366-unit company is to continue to build on international business and to boost domestic same-store sales by 1 percent to 3 percent.