 jumped over 5 percent on Wednesday, after it announced it had tripled its sales in Russia in its first half of the year.){kind=link}
Shares in takeaway pizza chain Domino’s (LON:DOM) jumped over 5 percent on Wednesday, after it announced it had tripled its sales in Russia in its first half of the year.
The newly-listed Dp Eurasia, master franchisee of Domino’s in Russia, Turkey, Georgia and Azerbaijan revealed an overall increase in profit and revenue for the period, despite a severe weakening of the Russian rouble against the euro impacting on pre-tax profits.
Sales grew by 200 percent in the Russian market, but Turkey remained the franchise group’s most popular country with a 10 per cent increase during the period to sales of 304.1 million Turkish Lira (£65 million).
Overall revenue in the region rose 38.5 per cent to 289.8 million Lira, while underlying earnings were up 26.4 per cent to 39.4 million Lira.
On Wednesday the group boosted share further after it said it would initiate a £15 million share buyback programme, as part of a wider scheme to give capital back to shareholders.
Stifel analyst Jeffrey Harwood told the Financial Times:
“We consider this is a step in the right direction as in March the company indicated it would repurchase shares but since purchased none. The implication drawn will also be that there has been no deterioration in trading of late; indeed recent weather conditions should have been favourable for pizza delivery sales.”
Shares in Domino’s are currently trading up 5.37 percent at 289.80 (1132GMT).