Price hikes and delivery fees to offset rising ingredient and fuel costs have hurt the pizza giant’s profits, but investors are confident of its recovery.
Meij said he had heard the feedback “loud and clear” and had removed most fees now, noting that ingredient costs had come down after an intense period of inflation.The company will pay a final unfranked dividend of 42.6 cents per share on September 28, down from 68.1 cents per share last year.
Although earnings undershot some analyst expectations, investors appeared confident in the recovery, sending Domino’s share price 8.4 per cent higher in late morning trading.Meij confirmed that the pizza company will be making 20 per cent of global support office staff redundant as part of a restructure to save costs that saw it shut underperforming stores and see some global leaders taking on more than one role.
The chief executive will steer the company’s focus on “rebalancing the value equation” to drive up order volumes, make customers order meals more often, attract new customers and retain existing ones.
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