Pizza chain Domino’s says it plans to open another 700 stores - and introduce a new £4 lunchtime offer - over the next decade.
It came as the London-listed firm delivered increased profits and revenues for the 2023 calendar year.
Sales for the year rose by 5.8% to £1.57 billion, driven by an increase in system sales volume, acceleration of store openings and the pass-through of increased food cost
Underlying profits rose by 3.6% to £138.1 million, the Domino’s said £90m was returned to shareholders through share buybacks.
The company said it now expects to have in excess of 1,600 stores in the UK & Ireland by the end of 2028 and in
excess of 2,000 stores in 2033.
It also expect to deliver £2bn system sales in the UK & Ireland by the end of 2028 and in excess of £2.5bn by 2033.
Chief executive Andrew Rennie said: “Last year we continued to make strong strategic progress with 61 new store openings whilst offering our customers compelling value.
“These efforts delivered an increase in sales and shareholder returns with continued robust profit growth. I would like to thank our world-class franchisees and colleagues for their immense hard work and dedication in achieving these results.”
He added: “In December I set out a framework for accelerating sustainable, long-term growth. Following a great year
for store openings in 2023 we are accelerating our growth and expect to have 2,000 stores by 2033 delivering £2.5 billion of system sales.
“Crucially, we have alignment with our franchisees and there is a strong, motivated second generation talent coming through the franchisee ranks to help drive this growth.”
He said Domino’s has prioritised investment in the core business to drive growth, and was not set to acquire full control of Shorecal to accelerate our Irish growth.
Mr Rennie added: “We see a significant opportunity to meaningfully increase our Irish store count and deliver long-term sustainable returns. We are rigorously focused on accelerating organic growth and pursuing value enhancing inorganic growth opportunities, to build a larger and more cash generative business, at pace but with discipline.”
Domino’s added that it hope to pivot towards more in-store customer collection with the offer of new £4 lunchtime deals for office workers as it seeks to open dozens of new sites in city centre locations.
Mr Rennie added: “We’re quite excited about the £4 lunch – we’ve never played in that space before and there is huge upside potential.
“Only about 35% of our UK/Ireland orders are in-store collections, whereas in the US it’s 55%.”
