Domino’s revenues hit £679.8m in FY23
Like-for-like sales increased 5.8% to £1.5bn meanwhile underlying EBITDA jumped 3.6% to £138.1m
Domino’s has seen its revenues increase 11.1% to £679.8m for the year ended on 31 December 2023.
The pizza company said group revenue was driven by an increase in system sales volume, acceleration of store openings and the pass-through of increased food cost.
Like-for-like sales increased 5.8% to £1.5bn meanwhile underlying EBITDA jumped 3.6% to £138.1m.
Statutory profit after tax reached £115m, a 40.9% increase, driven by proceeds from the disposal of the German associate, generating a profit of £40.6m recorded in non-underlying results.
During the year, there was continued gain in UK takeaway market share gains – 7.2% market share in FY23, up from 7.1% in FY22.
The number of total orders reached 70.5m on a 52-week basis, up 1% compared to the previous year.
The company opened 61 new stores in 2023, and following a successful partnership with Just Eat, it started an Uber Eats trial in early January 2024 which is now live in 630 stores across the UK and Ireland.
For FY24, the group plans to open a further 70 stores, with 33 of those already underway. Trading In February has seen an improved sales and order trajectory following a slow January which has caused expected orders and like-for-like sales growth to be lower than in Q1 23.
Now the company expects to deliver FY24 underlying EBITDA in line with current market expectations8, as well as deliver another year of further profit growth, despite the continued uncertain consumer environment.
Commenting on the results, Andrew Rennie, CEO, said: “Last year we continued to make strong strategic progress with 61 new store openings whilst offering our customers compelling value. These efforts delivered an increase in sales and shareholder returns with continued robust profit growth. I would like to thank our world-class franchisees and colleagues for their immense hard work and dedication in achieving these results.
“In December I set out a framework for accelerating sustainable, long-term growth. Following a great year for store openings in 2023 we are accelerating our growth and expect to have 1,600 UK and Ireland stores delivering £2bn of system sales by 2028 and 2,000 stores by 2033 delivering £2.5bn of system sales. Crucially, we have alignment with our franchisees and there is a strong, motivated second generation talent coming through the franchisee ranks to help drive this growth.”
