Domino’s Pizza has signalled a shift to positive sales growth, attributing its success to enhanced customer experience initiatives.
The renowned pizza franchise informed the market today of a 3.5 per cent increase in order volume during the third quarter, reaching 17.4 million, bolstered mainly by a 6.6 per cent surge in deliveries over collections, as reported by City AM.
Following a dip in the firm’s shares earlier this year due to forecasted earnings poised at the lower spectrum of annual projections, Domino’s has now witnessed a rebound with a three per cent lift in total sales this quarter, which marks a recovery from a 0.9 per cent descent witnessed in the second quarter.
Domino’s also reported an average delivery time reduction to 24 minutes, one minute faster than the previous year, and announced a five per cent annual growth in its consumer base.
With an outlook for expansion, Domino’s Pizza anticipates the inauguration of 50 to 60 new stores in 2024 and remains on course to celebrate the opening of its 1,400th store in the upcoming year.
Chief executive Andrew Rennie commented: “We’ve got great momentum in the business which reflects the intense focus from all of us at Domino’s and our brilliant franchise partners on driving growth in delivery orders, our biggest sales channel.”
He further emphasised the company’s commitment to sustainable growth, stating: “We’re focused on growing our like-for-like sales in a sustainable way, primarily driven by order growth and not pricing, meaning lower ticket prices for customers and sustainable like-for-like sales growth driven by volume.”
“In an uncertain environment we are well placed to continue our strategic progress due to the strength of the Domino’s brand and system. We continue to assess additional value-enhancing opportunities to build a larger, more cash-generative business which delivers strong and consistent returns. I look forward to updating shareholders further on our strategic progress at the full year results next March.”
Domino’s Pizza maintained its outlook for the full year.
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