(Alliance News) - DP Poland PLC on Friday said sales in the first half of the year grew by a double-digit percentage, amid higher orders and store expansion, while it said cost inflation is easing.
The London-based operator of Domino's pizza stores and restaurants in Poland and Croatia said like-for-like sales in the first half of 2023 were up 18% in Poland to PLN105.8 million, or GBP20.5 million. This was attributed to an 11% growth in order count.
Total systems sales growth in Poland was PLN53.1 million, up 15% from the year before. The difference between LFL sales growth and total sales growth is driven by the opening of a third store in June, DP Poland explained.
In Croatia, like for-like-sales were up 10% at EUR780,000, partly driven by the opening of a store in June of last year, but DP Poland noted that the recent transition of the Croatian currency from kuna to euro affected sales.
As at June 30, the company had cash at bank of GBP2.5 million, down 39% from GBP4.1 million at December 31.
Looking ahead, DP Poland said despite the easing of inflationary costs, pressures will remain and will therefore focus on optimisation projects.
Chief Executive Officer Nils Gornall said: "High inflation in energy and food have eventually started to abate in May, and whilst labour rates are still under inflationary pressures we are constantly focusing on further optimization projects. We expect performance to continue improving and remain optimistic about the outlook for the group."
Shares in DP Poland were trading flat at 7.70 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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Dp Poland (DPP)