Domino’s Pizza plunges most on record as customers shun price hikes

A key measure of the firm’s earnings in the six months to December tumbled 21% from a year ago, according to a company statement.

Domino’s woes reflect the pain rising inflation is inflicting on both consumers and corporations.

Shares of Domino’s Pizza plummeted the most on record in Sydney after the pizza chain operator said its first-half earnings fell as customers spurned price increases meant to offset inflationary pressures.

The stock tanked 24% on Wednesday after the Australia-based company said price hikes have hurt customer counts, especially in Europe and Asia.