Domino's and Greggs boosted by appetite for delivery
Profits at bakery chain Greggs and Domino's Pizza have surged above pre-pandemic levels, boosted by tax cuts, the Euros football tournament and consumers' unabated appetite for fast food delivered at home. The strength of the performance led both chains to increase shareholder returns with Domino's set to expand its share buyback programme by £35m and Greggs declaring a dividend for the first time since October 2019. Domino's, the London-listed UK franchise of the US pizza delivery group, said its profits rose to £60.8m, up by more than a quarter compared with the first half of 2020 and a 44 per cent increase on the same period in 2019. Greggs plans to resume store openings, targeting 100 net new outlets this year, and Whiteside said the company would restart a refurbishment programme next year. Analysts at Barclays noted that although Greggs' delivery trade had slowed in the second quarter compared with the lockdown period in the first quarter, the evidence still suggested "It is here to stay rather than a lockdown phenomenon".
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