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March 9, 2021, 2:31 a.m. EST

Domino's Pizza profit rises; will launch buybacks

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By Anthony O. Goriainoff

Domino's Pizza Group PLC said on Tuesday that 2020 pretax profit rose after it booked lower costs, and that it will imminently launch a 45 million pounds ($62.2 million) share buyback program.

The U.K. master franchise for the pizza chain said the program was in line with its new capital allocation philosophy and commitment to distribute surplus capital to shareholders.

For the year ended Dec. 27, pretax profit was GBP98.9 million compared with GBP75.1 million for 2019, the company said.

Revenue fell to GBP505.1 million from GBP508.3 million the year before.

Like-for-like system sales, excluding split stores, were up 10.3%, the company said.

The board proposed a final dividend of 9.1 pence a share.

Domino's said the disposal of its discontinued international operations was progressing. The company said it has exchanged the contract on the disposal of Sweden, which is expected to complete in May, and that the Iceland and Switzerland disposal processes are continuing.

The company said that trading in 2021 has started strongly, with exceptional trading over the new year period as it recorded its highest ever sales week.

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