Domino's Pizza Group plc (DOM.L,DPZ) reported that its third quarter total system sales declined 8.3% to 344.7 million pounds from prior year. It will roll out on Just Eat platform in the UK and Ireland following successful trial. The company announced a further 20 million pounds share buyback with immediate effect.
Like-for-like system sales across UK & Ireland for the third quarter declined by 9.3%, excluding split stores, or by 10.2% including splits, again driven by the increase in VAT.
In the first six weeks of fourth quarter like-for-like system sales excluding split stores and VAT have increased by 10.4% driven by franchise partners' focus on service, focus on digital, strong national value campaigns, collections growth and the initial incremental benefit of being on the Just Eat platform.
For fiscal year 2022, the company expects underlying EBITDA to be in the range of 125 million pounds to 135 million pounds, in line with current market expectations. Excluding the impact of the additional investment project costs outlined above, underlying earnings per share is also expected to be in line with current market expectations.
Domino's said it will roll out on Just Eat platform in the UK and Ireland following very successful trial.
As at 10 November 2022 1,061 stores are now live, and Domino's expects the roll out to be complete by the end of fiscal year 2022.
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