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The end of $5 pizza? Why Domino’s is ditching cheap deals in a fight for survival
For decades, Australians could order a cheap $5 pizza on a Friday night from Domino’s or Pizza Hut. Competitors came and went, including Pizza Haven and Eagle Boys Pizza.
Both iconic franchises have remained standing but now face unique challenges, including gourmet pizzas and multiple new major fast food giants entering the market – although each is far from their COVID peaks, when business was booming.
Domino’s and Pizza Hut are still standing in Australia, but now face unique challenges. iStock
Still, they are putting up a fight. This week, Domino’s shares jumped by nine per cent, partially due to a $259 million write down of their assets by optimising locations by closing 29 outlets across Australia and New Zealand.
Domino’s cops $300m loss, shuts 29 stores in Australia, NZ
Dominoâs Pizza has delivered a brutal $300m hit to investors as the fast-food giant turns its back on cheap voucher deals and closes 29 local stores.
The Aussie-led pizza chain posted its second annual loss since floating on the stock exchange two decades ago, driven by massive write-downs and failing overseas operations.
The company is wiping off losses across struggling outlets in France and Taiwan following mass store closures in Japan.
In Australia and New Zealand, 29 underperforming stores have been permanently shut.
In a statement to the ASX, executive chairman Jack Cowin said the company had completed a balance sheet review to reflect current market conditions and strategic priorities.
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