Domino’s Pizza rises in third quarter
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Fast food delivery firm Domino’s Pizza (LON:DOM) increased sales across its system by 5.9% during the third quarter with positive movement in all sectors of the business. Twenty three new branches were opened during the 13 weeks to 30th September, of which twenty were in the UK.
Management said that full year underlying profits before tax will be towards the middle of market expectations. Chief executive David Wild commented: “Our businesses continue to trade well, despite the evident uncertainty among UK consumers, and hot weather across Europe for much of the quarter. I’d like to thank our franchisees for their ongoing commitment to the development of the Domino’s brand, with the opening of a further 20 stores in the UK this quarter; we are confident of reaching 60 stores for the year. In our international operations, we are making good progress on refining the operating model and cost base, and we expect Group Underlying Profit Before Tax for the 2018 year to be in the middle of the range of market expectations. In addition, given the strength of our balance sheet and the highly cash generative nature of the business, the Board has approved a further £25m of share buybacks, to commence immediately.”
Shares in Domino’s rose by 8.55% to 283p (as of 10:00 BST).
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