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The UK’s Domino’s Pizza Group has cut its profit forecast this morning, warning that costs are climbing as sales fall.
The group, which has the exclusive rights to the Domino’s brand in the UK and Ireland, reported that total orders were flat in the first half of this year, and that like-for-like sales fell 0.7% in April-June.
Pre-tax profits have fallen by almost a third, on a statutory basis, from £59.4m to £40.5m.
Domino’s now expect underlying profits to come in between £130m to £140m, down from a previous forecast of £140.8m-£149.7m.
