Domino's Pizza Q1 System Sales, Orders Rise; Says Good Start To Q2, Confident To Meet Outlook

(RTTNews) - Domino's Pizza Group Plc (DOM.L, DPZ) reported Thursday that its total first-quarter system sales were 386.6 million pounds, up 5.6 percent from last year's 365.9 million pounds.

Like-for-like system sales, excluding splits, were up 4.4 percent, reflecting the lower rate of VAT in the comparative quarter.

In its trading update for the first quarter, the company noted that its like-for-like system sales, excluding the impact of the increase in the VAT rate, and excluding splits, grew by 10.7 percent.

Total orders grew 2.8 percent to 18.0 million, despite a strong comparative quarter last year, where orders grew 5.5 percent driven by the recovery of collections post Covid restrictions. Collection orders went up 23.0 percent, with delivery orders continuing to improve on the previous three quarters, down 4.9 percent.

Regarding the current trading, the company said it has made an encouraging start to second quarter with like-for-like system sales, excluding the change in the VAT rate, in the first 4 weeks up 10.9 percent and orders up 5.9 percent, in a challenging consumer and inflationary environment.

The company also announced a new 20 million pounds share buyback programme, effective immediately, as a result of strong momentum, continued successful execution of the strategy and confidence in the business.

Domino's Pizza further said its Board has continued confidence in meeting the guidance provided at the FY22 results in March.