Domino’s Pizza UK sales plummet as higher taxes hit demand, ET BrandEquity

Domino’s Pizzeria (source: Reuters/Lucy Nicholson/File Photo)

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Domino’s Pizza restaurant (source: Reuters/Lucy Nicholson/File Photo)

Domino’s Pizza Group Plc said on Thursday third-quarter sales at its UK and Ireland stores fell as demand was hit by higher taxes and fewer people ordering amid a lack of food. big ticket events.

However, excluding the VAT rate, like-for-like sales increased by 2.4%, while overall sales were still above pre-pandemic levels.

The company, a franchisee of U.S.-based Domino’s Pizza Inc, also reiterated its full-year core profit forecast of 125 million pounds to 135 million pounds ($142.3 million to 153. $6 million), after sales picked up in the first six weeks of the fourth. trimester.

“…We are looking forward to our busiest weeks of the year with the Men’s World Cup and the festive season ahead,” said interim chief executive Elias Diaz Sese.

The company added that current quarter sales were partly supported by its initial rollout on the Just Eat food delivery platform, which would now be widely available.

The London-listed company also announced a £20 million share buyback after exercising an option to sell its investment in Germany and improve its cash position.

Overall system sales in the third quarter fell 8.3% to 344.7 million pounds. ($1 = 0.8787 pounds)

Yum said new value offerings at KFC, such as the reboot of its $5 Mac & Cheese bowls and a $6 2-piece drum and thigh combo, helped boost global same-store sales from the restaurant chain by 7% in the third quarter.

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  • Posted Nov 11, 2022 3:10 PM IST