Domino’s Q1 in line with expectations despite ‘slow’ January
While like-for-like sales are down 0.5% on the same period last year, Domino’s Q1 like-for-like sales increased 8.4% on a two-year basis
Domino’s has revealed in a trading update that Q1 performance is in line with expectations, as it experienced positive like-for-like sales and total orders across February and March after a “slow” January.
While like-for-like sales are down 0.5% on the same period last year, Domino’s Q1 like-for-like sales increased 8.4% on a two-year basis.
Meanwhile, the group had opened 14 new stores during the period, only slightly behind the 15 recorded at this point in FY23.
Domino’s has confirmed a strong pipeline, with 38 in construction or with planning approvals. It still expects to open in excess of 70 stores by the end of the year.
The group also expects to benefit from the Men’s Euro football tournament.
As a result, Domino’s remains confident that its focus on strategic priorities will deliver order count and like-for-like sales growth in FY24. The group’s profit guidance has also remained unchanged.
Andrew Rennie, CEO of Domino’s, said: “We remain resolutely focused on executing our strategy and have made strong progress in Q1, both across the core UK&I business and with our strategic growth ambitions.
“Following a slow January, in part as we tactically held back marketing spend, I am pleased that we saw positive like-for-like sales and orders across February and March in an uncertain market.”
He added: “I’m excited by the momentum we have in the business. We have a fantastic pipeline of initiatives across our UK and Ireland business driven by real energy from our colleagues and our franchisees.”
