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Investing.com-- Domino’s Pizza Enterprises Ltd (ASX:DMP), Australia’s largest pizza chain operator, swung to an annual loss hit by hefty one-off charges tied to store closures and restructuring, sending its shares tumbling on Wednesday.
The company reported a statutory net loss after tax of A$3.7 million for the year ended June 29, compared with a A$92.3 million profit a year earlier.
The result was dragged down by A$162.3 million in non-recurring costs, mainly from shutting 312 underperforming outlets, including 233 in Japan, and broader restructuring initiatives.
Excluding significant items, underlying net profit after tax fell 2.8% to A$116.9 million, while underlying earnings before interest and tax declined 4.6% to A$198.1 million. Group network sales were flat at A$4.15 billion, with same-store sales edging 0.2% lower.
Sydney-listed shares of the company slumped as much as 20% to A$15.55, their lowest since early July.
Domino’s declared a final dividend of 21.5 AU cents per share, down sharply as management prioritised balance sheet repair and deleveraging.