Domino’s looks to deliver 2,000 UK & Ireland stores
Domino’s has upgraded its medium and long-term targets for growth, with plans for more stores and sales within the next decade.
The pizza restaurant chain is now expecting to operate a total of at least 1,600 stores in the UK & Ireland by the end of 2028, and over 2,000 by 2033.
Domino’s is expecting to open another 70 new stores in 2024.
This comes as the chain releases its full year results for 2023, during which it opened a total of 61 new stores in the UK and Ireland, bringing its total estate to 1,319 stores.
Over the course of the year, Domino’s recorded a year-on-year increase in group revenue of 11.1% to £679.8m, and an increase in underlying pre-tax profit of 0.1% to £101.7m.
Domino’s Pizza Group (DPG) has also announced that it has signed an agreement to acquire the remaining 85% shareholding it does not already own in Shorecal Limited, the largest Domino’s franchise business in the Republic of Ireland and Northern Ireland for €72m (£62m). Shorecal operates 34 of the 99 Domino’s stores in Ireland.
Andrew Rennie, DPG CEO, 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.”
“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 1,600 UK & Ireland stores delivering £2.0 billion of system sales by 2028 and 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.”
“Since March 2021, we have taken a disciplined approach to capital allocation by following a clear framework. We have prioritised investment in the core business to drive growth and I’m excited that today we’re acquiring full control of Shorecal to accelerate our Irish growth. We see a significant opportunity to meaningfully increase our Irish store count and deliver long-term, sustainable returns.”