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Domino’s Pizza Group has revealed it’s dealing with a price hit of about £3 million a yr from current Finances measures because it unveiled a brand new five-year settlement with franchisees.
The London-listed takeaway pizza chain stated final month’s Finances transfer to extend employers’ nationwide insurance coverage contributions and additional enhance the nationwide minimal wage had “considerably elevated the price of labour” for Domino’s and its franchise companions.
“Though we’ve got recognized particular mitigation plans, we now imagine that the annual affect for Domino’s Pizza Group will likely be circa £3 million every year from 2024-25 onwards,” the group stated.
It got here because the agency additionally unveiled a brand new five-year revenue and gross sales goal settlement with its franchisees, with the group concentrating on additional retailer enlargement and investments.
Having a five-year framework in place gives a robust platform for the long-term, sustainable progress of the model
Andrew Rennie, Domino’s chief govt
The group stated the settlement bought “unanimous assist” from its franchisee companions and underpins its targets to develop to 1,600 shops delivering £2 billion of programs gross sales by 2028, and a couple of,000 shops delivering £2.5 billion of system gross sales by 2033.
It at the moment has greater than 1,350 shops within the UK and Eire.
Domino’s added that gross sales have continued to develop within the first 9 weeks of its fourth quarter, with whole orders up 5.3% and like-for-like gross sales up 2.7%, forward of the 0.7% progress seen within the earlier three months.
Andrew Rennie, chief govt of Domino’s, stated: “Having a five-year framework in place gives a robust platform for the long-term, sustainable progress of the model.”
“It additionally means we will likely be well-placed to deal with the headwinds all consumer-facing companies will inevitably face in 2025 and can guarantee we’re in a robust place to thrive within the years that comply with,” he added.
Mark Millar, chairman of the Domino’s Franchise Affiliation, stated: “In opposition to a backdrop of serious and surprising tax will increase from the UK Finances, having a five-year framework in place gives some much-needed certainty for our members.”
Beneath the settlement, Domino’s stated it’ll additionally make investments round an additional £4 million to £5 million a yr on areas together with know-how and cyber safety, in addition to boosting its provide chain capability.
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The Impartial
#Dominos #sees #yr #affect #Finances #measures
Holly Williams , 2024-12-09 08:17:00
