UK's Domino's Pizza launches $60m buyback as profit jumps

Britain’s Domino’s Pizza Group Plc unveiled a £46-million ($60 million) share buyback program on Tuesday, after it posted a higher annual profit helped by a marketing campaign that boosted post-lockdown sales.

The company’s media and TV ad campaign, targeting families and friends reuniting after coronavirus lockdowns, as well as England reaching the final of the Euros soccer tournament in July helped boost orders, Domino’s said.

The lockdowns in general have pushed up pizza orders, as people spent more money on takeaway food, while an easing of pandemic restrictions drove more diners to its restaurants.

The London-listed chain, a franchise of US-based Domino’s Pizza, said its underlying pre-tax profit rose 12.5 percent to £113.9 million in the year ended Dec. 26.

“Overall order count and customer acquisition continues to be positive, despite being up against a comparative quarter last year when there were strict lockdown restrictions in the UK,” the company said.

The pizza company also said 2022 earnings should fall in line with current market expectations, adding that its first-quarter trading had “started well”.