Why did Dominoes (DMP) shares crash today?
DMP -11.71% held their AGM and provided a trading update for the 1st 17wks of 1H23. Network sales were down -1.8% with FX headwinds to blame, however stripping that out they are still only +4.7% up versus +8% this time last year. They provided guidance saying that 1H23 expected earnings to be materially lower before bouncing back strongly in the 2H23, although the caveat being that trading remains uncertain! Downgrades will flow for this and there is simply too many unknowns to get excited about DMP here + opportunities elsewhere into current weakness.
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