Domino's UK Cuts Profit Forecast as Labour Costs Climb, Shares Plunge 20%
Britain's Domino's Pizza Group cut its forecast for annual core profit on Tuesday as higher labour costs exacerbated pain from weak customer demand, prompting its shares to slide 20%.
Increases to employers' social security contributions went into effect in April.
"There's no doubt that through National Insurance and all the costs, they definitely are hurting our business...we're talking in the millions," CEO Andrew Rennie told Reuters in an interview.
Rennie added that the company will increase prices relative to the wider market to offset...
To Read Full Story Login Below.
Submit comment or question
Note: All comments are displayed with user's screen name. If screen name is not present, user's full name will be used. Please go to My Account to update your screen name.
Comment Policy: Urner Barry has made the comment feature available to encourage further discussion of our news stories. Defamatory or offensive comments, or comments deemed not relevant to the story will be removed, and if necessary, Urner Barry may restrict the right of individual subscribers to offer comments. In all cases, comments represent opinions of the poster only, and do not represent fact, news, opinions or estimates put forward by Urner Barry.
Email Address is required. Password is required.