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UK's Domino's Pizza says trading in April slower

Published 01/05/2024, 15:04
© Reuters.

Domino's Pizza Group PLC has released its trading statement for the first quarter, reporting that total orders slipped by 0.8% compared to the same period last year. Like-for-like sales, excluding splits and VAT, also dipped by 0.5% in Q1 2024 compared to Q1 2023. Despite the decline, the company noted strong strategic progress and maintained its guidance for the fiscal year.

The first quarter saw positive like-for-like sales and orders across February and March, following a slow January. On a two-year basis, Q1 like-for-like sales were up by 8.4%. Domino's opened 14 new stores during the quarter and expects to open more than 70 stores in the fiscal year. The company's digital progress continued, with app orders accounting for a higher percentage of total orders compared to the previous year.

However, trading in April was slower, reflecting a tough comparative period from the prior year. The company has accelerated its trial with Uber Eats, which is now live in 1,170 stores across the UK & Ireland.

Despite the challenges, Domino's CEO, Andrew Rennie, expressed confidence in the company's ability to deliver order count and like-for-like sales growth for the full year. He highlighted the momentum in the business, driven by initiatives across the UK & Ireland operations, including the expansion of store openings and strategic partnerships.

Looking ahead, Domino's remains focused on executing its strategy, which includes reallocation of capital within the corporate estate and exploring additional growth opportunities. The company recently completed a £11 million investment in DP Poland plc, signaling its commitment to disciplined expansion in international markets.

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