With profit up, Domino's aims for expansion

Pizza chain Domino's says it will continue to roll out stores in New Zealand and Australia, as it revealed a 16 per cent-rise in profits.

The Queensland-based company reported a net profit of A$17.8 million (NZ$22.6m) in the year to July 4, up from A$15.4m in the previous 12 months. Revenue fell 1.2 per cent to A$236.1m.

During that period, the ASX-listed company opened 13 new stores in Australia and New Zealand and yesterday said it expected to open another 70 across the two countries over the next three years.

Domino's chief executive Don Meij said he was confident of continuing the momentum in 2010-11, anticipating a net profit increase of 10 to 15 per cent on its 2009-10 result.

The company is also planning to cut the number of stores which it owns in New Zealand and Australia from 100 to around 30, selling them to franchisees to free up capital. Domino's and its franchisees have 79 stores across New Zealand.

- AAP