For all of you travelling to Europe for a vacation, don't get disappointed if you don't find Domino's Pizza to save you on days you miss your basic Margherita. Yes, my friends, Domino's Pizza is all set to exit the markets in four countries and we are just relieved India is not one of them.
The second-largest pizza delivery service in the world and seventh-largest fast-food chain, Domino's, had been facing monetary troubles in four countries that include Sweden, Norway, Switzerland, and Iceland.
According to reports, revenues from overseas operations slid 2.7 per cent, excluding currency fluctuations, in the third quarter of this year.
"We have concluded that, whilst they represent attractive markets, we are not the best owners of these businesses,” outgoing CEO Wild said.
Shares in Domino’s rose 4.2 per cent higher to 276.9 pence. According to analysts, who applauded the move, this step would allow Domino’s to focus on its core British and Irish businesses where it is one of the most loved chains.
“Domino’s is now pulling the plug on its international operations after admitting defeat,” said Russ Mould, investment director at AJ Bell.
“This is a sensible thing to do. Management should be applauded for making the decision to pull out rather than digging themselves a bigger hole.”
As a country that loves Domino's Pizza way too much, we are sad for these European countries. We wish this never happens to us. #Keepingourfingerscrossed