|
Domino’s Pizza Group PLC on Wednesday said it was well placed to continue its strategic progress, but noted it will open fewer stores than anticipated due to a slower planning environment. Milton Keynes, England-based Domino’s Pizza Group is the master franchise holder in the UK and Ireland for US pizza delivery brand owner Domino’s Pizza Inc. The company said it had 17.4 million total orders in the third quarter of the year, up 3.5% from a year ago on a comparable basis. Chief Executive Officer Andrew Rennie said: ‘In an uncertain environment we are well placed to continue our strategic progress due to the strength of the Domino’s brand and system. We continue to assess additional value-enhancing opportunities to build a larger, more cash-generative business which delivers strong and consistent returns. I look forward to updating shareholders further on our strategic progress at the full year results next March.’ Looking ahead, Domino’s Pizza expects financial year 2024 underlying earnings before interest, tax, depreciation and amortisation to meet market expectations of £143.9 million, which would be up 4.2% from £138.1 million it had reported for 2023. The underlying Ebitda range for 2024, according to market expectations, is between £142.4 million and £144.7 million. However, the company said it now expects to open just 50 to 60 new stores during the current financial year ending on December 29. Domino’s Pizza cited a ‘lower planning environment.’ Back in August, it had confirmed its target of 70 new stores. In 2023 it had opened 61 new stores. Domino’s Pizza shares were up 0.9% at 324.00 pence each on Wednesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
