Domino's Shares Struggling
Published on Oct 5 2012 3:28 PM in Restaurant
Shares in UK-listed Domino’s Pizza have crashed as much as six per cent, even after the chain said like-for-like sales in its core British market rose by almost four per cent. Domino’s has previously had to provide financial assistance to some struggling franchises in Ireland as the recession weighed on the businesses. In Ireland, Domino's slipped into reverse again on a quarter-on-quarter basis. Its like-for-like sales in the three months to September 23 declined 2.1pc. But that was narrower than the 4.1pc decline the chain reported here in Q3 of its last financial year. In the year to date, on a like-for-like basis, sales here were up 1.2pc in euro terms. "We approach the fourth quarter, traditionally our strongest trading period, with continued optimism," said chief executive Lance Batchelor. In the UK, the growth for the period was lower than the 4.1 per centt rate it clocked up in the corresponding period last year, prompting the share sell-off yesterday. But the chain was helped by consumers who stayed at home during miserable summer weather and dined in as they watched the Olympics.