Domino’s Pizza sees profit surging past expectations
Domino’s Pizza has today upgraded their profit forecasts after a better than expected second half.
The Australian operation of the global pizza chain has maintained momentum during the downturn thanks to demand for convenient, low cost meals.
Domino’s will report full year results on August 19, with today’s release made as they have become aware that the result will differ substantially from their forecasts.
At their half year results announcement in February, Domino’s management advised it was confident of achieving “market guidance results for FY09 Net Profit After Tax (NPAT) growth of 10 to 15%”. However, NPAT is now likely to be around 30 per cent higher than last year, at $15.4 million.
“After strong network sales performance, FX (foreign exchange) gains and better than expected tax outcomes, Domino’s now expects FY09 earnings to come (substantially) above FY08,” the company advised in a statement.