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Domino’s Pizza cancels dividend despite the huge rise in deliveries

Pizza delivery giant Domino’s has reported soaring demand for deliveries in the last week as cooped-up UK customers orders more pizzas online.

However, it has announced that it has suspended its dividend payments to save cash and has experienced ‘significant disruption’ to its businesses in other European countries.

Sixteen Domino’s stores in Norway, Switzerland and Ireland have been temporarily shut due to shortages in staff and demand, the latter of which has registered a double-digit year-on-year decline. 

In the UK, Domino’s says sales are ‘accelerating’ as the coronavirus lockdown has made people order more takeaways online even though it has moved entirely to contact-free delivery

Domino’s recently announced they were retreating from its international markets to focus on its highly profitable UK and Ireland division and was selling the 71 per cent stake in its Norwegian brand for £7million as part of that withdrawal.

But in the United Kingdom, Domino’s says sales are ‘accelerating’ as the coronavirus lockdown has made people order more takeaways from them online even though it has moved entirely to a contact-free delivery service. 

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Domino’s states that collections usually account for about 20 per cent of its sales, but the increase in UK deliveries are ‘more than offsetting’ the loss in in-store business sales.

They have reported ‘minimal disruption’ to their supply, and have introduced multiple measures to ensure their supply chain and distribution network remains secure. 

Like-for-like ex splits sales in the first two months of the year and the first two weeks of March was 3 per cent higher compared to the same period in 2019.

Domino’s wants more store workers and delivery drivers to cater to the upsurge in orders 

CEO David Wild says the company is looking to hire more store workers and delivery drivers to cater for the upsurge in orders. Domino’s Australian division has already employed 2,000 more people to provide for the jump in demand there.

He also remarked that the firm had enhanced its hygiene standards, ‘rolled out contact-free delivery and bonus login pkv (secret info) switched to delivery-only to ensure we can confidently serve the public.’

‘We’ve been working closely with the wider industry and Government and are keen to do all we can to support our customers and communities by safely delivering hot food to help people stay at home during this difficult time.

‘Domino’s is at its heart a delivered food business, and we are working around the clock to keep our supply chain operational, our back-office colleagues working from home.’

The firm states that its liquidity and performance are strong, but that due to the volatility of delivery sales’ and ‘uncertain outlook’ they are taking a more ‘cautious and prudent approach’ at this time, so are suspending dividend payments.

The pizza chain remarked that its net debts were ‘slightly lower’ than the £232.6million they reported in December 2019.

Shares in Domino’s were down 2.6 per cent at 272.9p. 

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Updated: ژوئن 17, 2020 — 16:44
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