Domino's Pizza to exit four international markets
Domino's delivery scooter
Domino'sPizzaGroup Plc, Britain's biggestpizzadelivery company, said on Thursday it willexititsinternationalmarkets, where it has been facing mounting losses.
"We have concluded that, whilst they represent attractivemarkets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said.
The company, which is a franchise of US-basedDomino'sPizzaInc, said third-quarter group system sales rose 3.4 per centto 313.5 million poundson strong demand in the UK and Ireland.
The British company ownsDomino'soperations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well.
However, it reported a 2.7 per centdip ininternationalsystem sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland.
Europe's economy has slowed this year as the US-China trade tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of Brexiton jobs and incomes.
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The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected.
The decision toexitthesemarketscomes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.