UK’s Domino’s Pizza unveils $90 million share buyback, raises profit forecast

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Resilient customer spending has helped the UK hospitality slowly recover from pandemic lows amid pressures from high costs.

“While we continue to face a challenging and uncertain macroeconomic environment, we remain confident in the many opportunities we see for Domino’s in 2023,” interim Chief Executive Elias Diaz Sese said in a statement.

In the first half of the year, total orders increased 2.8% to 35.4 million, helping the company to post an 8.2% rise in underlying core profit.

The company, a franchisee of U.S.-based Domino’s Pizza (NYSE:DPZ) Inc, said it now expects an underlying core profit of about 132 million pounds – 138 million pounds for the year.

Analysts on average had expected 127.6 million pounds, according to a company-compiled consensus.

($1 = 0.7797 pounds)