Domino's Pizza taps recovery as global economy reopens

Fast food restaurant beats Wall Street projections as McDonald's and other chains bounce back after lockdowns

US-owned fast-food restaurants, including Domino's Pizza and McDonald's, as well as oil giant Shell and cement giant Cemex, tapped recovery as much of the global economy reopens from Covid lockdowns.

Domino's posted quarterly profit that beat Wall Street's expectations as other fast-food chains — including Pizza Hut owner Yum Brands, McDonald's, and Chipotle Mexican Grill — also reported a jump in quarterly revenue, as the vaccines are rolled out. 

Fast-food chains have managed to weather pandemic restrictions much better than others in the industry. McDonald's also beat Wall Street estimates for comparable sales, and said it returned to pre-pandemic levels of growth.

Shell buoyed by demand  

Meanwhile, Shell reported a better than expected profit of $3.2bn (€2.6bn) for the first quarter, as global demand for fossil fuels returns. The Anglo-Dutch company said rising oil and gas market prices helped its quarterly adjusted earnings rise sharply from $393m at the end of last year, and climb well above its $2.9bn profit for the first quarter last year.

And Mexican cement producer Cemex reported a huge jump in first-quarter profit, helped by higher domestic and US sales. Cemex's net income rose to $665m in the quarter from $42m a year earlier. 

• Irish Examiner and Reuters