Don Meij says Domino’s has learnt its lesson and is clawing back lost sales from burger chains, with no more menu item price increases.
are increasing, they are being negated by a slowdown in inflation in food ingredient prices for cheese, wheat, flour and meat.Mr Meij said Domino’s had gone too far last year in clawing back sharp inflationary increases of 10 to 11 per cent in food ingredients, and energy costs, with price rises and delivery service fee charges.
The company is also cutting jobs in support staff positions, with about 200 jobs to be axed around the world. Mr Meij said there was an overall reduction of about 20 per cent in support staff roles, including in Australia. Domino’s has started the new financial year with solid momentum in the first seven weeks, with same-store sales up 6.6 per cent in Australasia and Europe, although same-store sales are off by 7.8 per cent in the opening weeks of 2023-24.A new product known as My Domino’s Box, with a mini-pizza and two side items, was proving popular. Customers had forgiven Domino’s for the price rises of last year and were returning. The extra delivery service fee charges had largely been removed.
“From what we can see where we lost it, is where it’s coming back from,” he said. Domino’s represents about half of the pizza market in Australia.amid softer trading, which triggered a decision to close nearly 100 stores and to abandon expansion into Denmark.Domino’s was a sharemarket glamour stock in the COVID-19 pandemic was households ordered in pizza, and was trading at above $160 in September 2021.
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