DMP +7.57%: FY22 results were soft for the pizza chain today. Revenue was a slight miss at $2.3b, while Net income missed consensus by~5% at $158.7m. They continue to grow store numbers, up 10% organically in the period, however, same-store sales growth fell by -0.3%. The company said pricing initiatives have helped to offset food, labour and energy inflation, particularly across APAC. Also announced today was the purchase of minority shareholders of the Malaysia, Singapore and Cambodia Domino’s businesses, taking their share in these markets to 100% which is expected to be 5% EPS accretive, perhaps offsetting the disappointing numbers today. They’ve also reaffirmed 3-6% same-store sales growth and 8-10% of organic store additions as their medium-term target.
MM is neutral DMP at best
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