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Pizza's $400 million slice as lockdowns push Domino's to record

Business

Domino’s has hit a record share price of $121 as lockdowns in the southern states force people back to using home delivery foods.

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The Brisbane based company’s market value has jumped more than $400 million in recent weeks to almost $10.5 billion.

Its shares fell back below $120 this morning but the stock still has strong support and recently added to its Asian expansion with a buyout of its Taiwan counterpart.

Market commentators, The Motley Fool said before this morning’s dip, shares in the pizza company were up an impressive 36.2 per cent so far this year.

Its fast food competitors like Collins Food Group which owns KFC and Taco Bell outlets, has not been as fortunate. It’s shares have fallen about $2 in recent weeks.

Domino’s chief executive Don Meij has said that Domino’s was looking to double store numbers globally to 5550 locations by 2031.

“That includes an aggressive roll-up strategy of additional sites as many hospitality players struggle with COVID-19 restrictions,” The Motley Fool said.

“The Domino’s share price surged amid lockdowns in 2020 as the company delivered strong sales.

“It looks like investors are expecting more of the same right now. The Domino’s share price has been climbing despite extended lockdown fears across Victoria and New South Wales.

“That has helped to propel the ASX 200 share towards a new all-time high, even as many other shares tumble.”

 

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