(Alliance News) - DP Eurasia NV, the master franchisee for Domino's Pizza in Turkey, Russia, Azerbaijan and Georgia, on Friday posted a dougle-digit annual sales rise and swung to profit.
In 2019, DP Euraisa posted a pretax profit of TRY6.7 million, about GBP848,82, from a TRY3.9 million loss.
Sales rose 22% to TRY1.37 billion from TRY1.13 billion, with revenue rising 14% to TRY980.2 million from TRY856.9 million.
There was 15% sales growth in Turkey, with sales jumping 35% in Azerbaijan & Georgia and by the same rate in Russia.
On a like-for-like basis, DP Eurasia's sales rose 11% in 2019.
Chief Executive Officer, Aslan Saranga said: "On behalf of the board, I am pleased to report another year of solid growth in 2019. We continued to grow our store portfolio, adding 41 stores during 2019 and reaching a total of 765 stores across our four countries of operations."
In the first two months of 2020 DP Eurasia's sales were 22% higher year-on-year and climbed 14% like-for-like. In Russia however, like-for-likes were down 10% annually.
DP Eurasia said: "The robust like-for-like growth in Turkey experienced in the fourth quarter has continued into the current year. The group is focused on addressing the issues and challenges in Russia, including appointing new management and adopting a new marketing strategy.
"Whilst the group remains comfortable with its medium-term financial guidance, the board is mindful of the considerable current uncertainty surrounding the spread of the Covid-19 outbreak and its impact on the business and wider economy in the countries in which the group operates. Therefore, the board is not in a position to provide meaningful guidance on the likely financial and operating results for the current year."
Shares in the company were 6.1% higher at 34.20 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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