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Domino’s Pizza Group PLC on Thursday announced a new share buyback and hailed a ‘record’ first-quarter outcome. The Milton Keynes, England-based company said system sales improved 5.6% to £386.6 million from £365.9 million a year earlier. On a like-for-like basis, they rose 4.4%, having fallen 2.4% a year before. Excluding VAT, like-for-like system sales jumped 11% on-year, picking up from a 3.9% climb in the first quarter of 2022. Domino’s Pizza Group is a master franchiser in the UK and Ireland for Ann Arbor, Michigan-based pizza delivery chain Domino’s Pizza Inc. ‘We have delivered record first quarter sales and orders thanks to the immense hard work of our franchise partners and colleagues in executing our strategy and our relentless focus on giving customers the best possible quality, value and service. Whilst this year has started well for Domino’s, there continues to be uncertainty in the economic environment with household budgets likely to remain under increasing pressure. However, we continue to be excited about the many opportunities we see for Domino’s in 2023 and beyond as we continue to work towards our purpose of delivering a better future through food people love,’ Interim Chief Executive Officer Elias Diaz Sese said. Sese was named as interim CEO in September, after Dominic Paul was appointed as the next boss of hotelier Whitbread PLC, a role he took up officially in January of this year. Sese added: ‘We are well placed to succeed as we accelerate the execution of our strategy. We are focused on improving our franchise partners’ profitability and we have made good progress in investing in the business and driving operational efficiencies. Our digital strategy continues at pace, and we continue to offer our customers strong national value campaigns, which are particularly important as they continue to feel pressures on their household budgets.’ On its digital progress, Domino’s Pizza Group highlighted its active app customers rose 27% year-on-year to 6.8 million. At 64%, most of its online orders came through its app during the first-quarter. Just 49% of online orders came through the app in the first-quarter of 2022. Domino’s Pizza Group announced a new £20 million share buyback programme, in response to ‘strong momentum, continued successful execution of the strategy and confidence in the business’. It has quickened the pace of new store openings to 15 year-to-date, compared to nine a year earlier. Its pipeline of new stores is 75% larger than a year earlier. Shares traded 1.3% higher at 305.60 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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