Domino's Pizza UK & IRL posts mid-year profits

July 23, 2002

LONDON -- The first six months of 2002 have delivered good news at Domino's Pizza UK & IRL.

The London-based arm of Ann Arbor, Mich.-based Domino's Pizza saw sales for the 26-week period ending June 30 grow 26 percent to £26.2m (U.S. $40.8 million).

Pre-tax profit increased nearly 46 percent to £1.72 million (U.S. $2.7 million) for the period, compared to £1.18 million (U.S. $1.8 million) in the same period last year.

The company currently has 255 outlets in the UK and Ireland, and plans to have 500 by 2006.

The company reported a £13,000 (U.S. $20,000) increase in interest charges it attributed principally to the construction of a new commissary in Perinth, Ireland. That facility is set to open in August.

Basic earnings per share jumped nearly 42 percent to 2.34 pence (U.S. 4 cents), up from 1.65 pence (U.S. 3 cents) for the same period last year. Diluted earnings per share jumped 35 percent to 2.20 pence (U.S. 3 cents), from 1.63 pence (U.S. 2 cents) last year.

CEO Stephen Hemsley told Dow Jones Newswires that "the business is rapidly approaching a position where all major infrastructure costs and royalty increases have been absorbed." From that point forward, he added, even marginal growth in systemwide sales will contribute positively to overall profitability.

Topics: Public Companies

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