Domino's pizza serves up profits cheer after online boost

Domino's pizza serves up profits cheer after online boost

Domino’s Pizza said strong online sales and surging demand for takeaways in the wet summer weather would see it deliver better-than-expected annual results.

The group, which has over 800 stores in Britain, said UK like-for-like sales jumped 14.9% in the 13 weeks to September 27 compared with a year earlier.

The group said in Ireland it was also seeing online orders increase adding it was enjoying the benefit of the country’s continued economic recovery.

It said growing popularity of its app helped online orders rise 35%, adding that 75% of all orders have come through its online channels in the year to date.

The pizza delivery firm also said it was helped by relatively poor weather during the summer months.

The group said given its strong third quarter trading and a solid start to the fourth quarter, it expected full-year results to be ahead of forecasts.

The bullish update sent Domino’s shares up 14% to an all-time high.

Chief executive David Wild said: “We are delighted by this performance as our UK business goes from strength to strength, reflecting the success of our strategic and marketing initiatives.

“It represents the eighth consecutive quarter of double digit like-for-like sales growth.”

He added: “We enter the final quarter of the year with good momentum, are confident of beating our previous expectations for the full year.”

Domino’s opened 12 UK stores in its third quarter, bringing the number of stores opened this year to 33. It added it was on course to open 50 UK shops this year.

Domino’s also has smaller operations in Switzerland and Germany, which have performed poorly in the past.

It said it was working to improve the performance of these stores, but added there remains to lot of work to do.

Brokers at Numis Securities upgraded their full-year profit forecast for Domino’s by 5% to £68m (€91.9m).

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