Australia’s Domino’s Pizza profit slumps as inflation hits consumer spending

Australia's Domino's Pizza profit slumps as inflation hits consumer spending
FILE PHOTO: A Domino’s Pizza restaurant is seen in Los Angeles, California, U.S. July 18, 2018. REUTERS/Lucy Nicholson

Australia’s Domino’s Pizza Enterprises said on Wednesday its first-half profit fell 28.3 per cent, hurt by a drop in its orders as a rise in prices due to inflation affected consumer spending.

The Australian franchise of Domino’s says its first-half profit attributable for the period ended Jan 1 fell 28.3 per cent to A$68.9 million ($47.08 million). Shares of the company sunk as much as 24.3 per cent to post a record drop.

($1 = 1.4635 Australian dollars)

 

 

Source: Reuters