Domino’s hails ‘solid’ performance in full-year results

Domino’s sales rose by 4.8% to £1.2m in the full-year ended 29 December 2019. Like-for-like sales in the UK were up 3.7%, whilst Ireland’s total like-for-like sales rose by 3%. These results follow closely after Domino's reported “solid” fourth-quarter growth last month. Underlying EBIT increased 1.7% to £105.3m in the period, while underlying profit before tax fell by 1.2% to £98.8m. Nonetheless, the group said that digital sales continued to be a “driver of growth”, with online sales up 8.8%. Online sales also accounted for 91.1% of UK delivery sales. The group has now said its priorities include progressing its international disposals, having agreed on a transaction for its Norwegian business, subject to shareholder approval. The group also said it will be focusing on finding a new chair and interim CFO in the near future. David Wild, CEO, said: “Our core UK & Ireland business continues to deliver a solid trading result, with UK like-for-like sales up 3.7%. Our digital capabilities continue to fuel this growth, with online sales up 8.8%. “Collection also saw a good performance, up 5.3%, and this remains a significant opportunity for us going forward. I would like to thank my colleagues across all our markets, together with our franchisee partners, for their continued hard work and passion for the Domino’s brand.” He added: “In February we were pleased to announce a disposal of our Norwegian business which is subject to shareholder approval, and we expect this to be complete by the end of May. “We continue to prioritise transactions for our remaining international businesses, although expect that these may take some time as we ensure that we find the best owners for these businesses.” Ian Bull, interim chairman, said: “The board is encouraged by the performance in the UK and Ireland, in an uncertain environment. “We have four key priorities: recruiting a new chair, CEO and CFO, reinforcing our core business, rebuilding our franchisee relationship and finding the right owners for our International businesses.” He added: “We are giving these priorities considerable time and focus and are confident in the long-term prospects for the group.”