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SYDNEY, Australia -- Fel Bevacqua, managing director of Domino's Pizza Australia Pty Ltd., predicts the company will post double-digit earnings driven by new store openings in fiscal 2003.
As reported by Asia Pulse, Domino's opened its 200th Australian store in Sydney this week, and plans to open 50 new stores throughout the country over the next year. Of those 50, half will be corporate stores and half will be franchised.
The chain opened 21 new stores last year.
Bevacqua said Domino's would fund its future expansion with a combination of internally generated cash and loans from Westpac Banking Corp.
"Our bank is probably our best advertisement," he said. "Their confidence in the system speaks volumes about our future."
Domino's came to Australia in 1978, when Bevacqua and his two brothers converted their Brisbane-based pizza shop to a Domino's store. The group received the Domino's master franchise for Australia and New Zealand in 1995.
Today the chain holds 25 percent of the $1 billion Australian (U.S. $550 million) pizza market, led by Pizza Hut, which holds nearly a 40 percent share.
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