Domino’s Pizza reports strong performance for Q1 2024, success attributed to the ‘Hungry for MORE’ strategy 

USA- Pizza restaurant chain Domino’s Pizza has announced sales growth of 7.3% in Q1 2024 despite challenges in the food retail industry. 

Domino’s recorded a 19.5% increase in operational income, excluding the impact of foreign currency. The company attributes the favorable financial performance to its ‘Hungry for MORE’ strategy.  

According to the company, the USA accounted for a significant proportion of this net sales growth. Same-store sales in the USA increased by 5.6%, more than any other region worldwide.  

Market analysts describe these results as evidence of the company’s resilience despite a challenging time for the food service industry.  

However, the company attributes this performance to its internal strategy.  

The company’s CEO, Russel Weiner, said, “Our first quarter results demonstrated that our Hungry for MORE strategy is off to a strong start. Importantly, our growth in the U.S. came through positive order counts in both our carryout and delivery businesses for the second quarter in a row.” 

“We are laser-focused on driving franchisee profitability and store growth, which will fuel the company’s ability to win and create meaningful long-term value for our shareholders.” 

The ‘Hungry for MORE’ strategy aims to enhance performance (more profits) by delivering more sales in more stores. 

In Q1 2024, the company opened 144 new stores worldwide, increasing to more than 20,700. 

The objective of this strategy is to provide value to customers by enhancing distribution through more stores and operational efficiency. 

However, the company’s success cannot be attributed solely to this strategy. 

The Domino’s Rewards Loyalty program, which offered deals, discounts, and other perks, also provided value to customers.  

The company’s strong Q1 2024 performance may also be attributed to its entry into the Uber Eats market. 

Delivery and takeout services have become increasingly popular, especially among younger people.  

The company predicts that by the end of 2024, more than 3% of its total sales will come through the platform. 

However, like all players in the food service industry, Domino’s still faces the challenge of rising labor and ingredient costs.  

However, the company still enjoys a significant market share among pizza restaurant chains, which gives it an advantage in a very competitive market. 

The company is expected to continue in its current growth trajectory. 

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