Domino’s targets 200 new stores after top crust year
Pizza chain Domino’s has outlined aims to expand its store network by 200 new locations “in the medium-term” after recording a rise in pretax profit during the pandemic.
The fast food chain, which is targeting total system sales of up to £1.9bn, posted pretax profit of £101.2m in the year ending 27 December, up by £2.4m on the previous year.
Domino’s system sales in the UK and Ireland grew by 11.4% to £1.3bn on a like-for-like basis during the period.
Pizza chain Domino’s has outlined aims to expand its store network by 200 new locations “in the medium-term” after recording a rise in pretax profit during the pandemic.
The fast food chain, which is targeting total system sales of up to £1.9bn, posted pretax profit of £101.2m in the year ending 27 December, up by £2.4m on the previous year.
Domino’s system sales in the UK and Ireland grew by 11.4% to £1.3bn on a like-for-like basis during the period.
The company said it experienced its “highest ever” sales week over the new year period.
A £45m share buyback has been launched. The chain is also “turbo-charging” its strategy to grow its collection business, with plans to expand its in-store drive-thru service to 450 stores by the end of June.
Dominic Paul, chief executive, said: “As the economy begins to reopen, we have invested in our capabilities to enable us to capitalise on the substantial opportunities ahead.”
He added: “Our new strategy will enable us to build upon our strengths in both delivery and collection and provide our customers even better quality and value, which will drive continued strong performance.
“We have maintained an open dialogue with our franchisees throughout the development of this plan and, while we do not have an agreement yet, we have made an attractive offer to them which we believe will deliver powerful benefits to both them and the group.”
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