Soaring prices and squeezed households budgets have led to a slump in half-year profits at Domino's Pizza - but a jump in sales for value bakery chain Greggs.
The UK pizza chain reported a 16.3 per cent drop in underlying pre-tax profits to £50.9m for the six months to 26 June after taking a hit from soaring costs despite raising prices for franchisees and introducing a delivery fee. The company is banking on a boost from the football World Cup at the end of the year.
Greggs saw sales leap 27.1 per cent in the 26 weeks to 2 July as customers turned to value meals amid the cost of living squeeze, but warned its own cost inflation could hit 9 per cent. Half-year profits remained largely flat year on year at £55.8m compared with £55.5m last year, due to the reintroduction of business rates, an increase in VAT and higher costs.
It is the latest sign that consumers are beginning to adjust their spending habits. A recent YouGov poll found more than one-third have been forced to reduce, or stop spending money entirely, on eating out and takeaways over the past six months, as a direct result of rising costs and inflation.
This story is from the August 03, 2022 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 03, 2022 edition of The Independent.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Red Bull design 'supremo' to step down at end of year
Adrian Newey, the design genius who has masterminded Red Bull’s current domination in Formula One, will leave the world champions in early 2025 and “seek new challenges” in the sport.
Throwback Alvarez shapes up for Mexican fight fest
The super-middleweight champion takes on his unbeaten compatriot Jaime Munguia on Cinco de Mayo weekend
Bellingham's muted display saved by menace of Madrid
It’s the sort of image you can see being brought up in the future, maybe even this summer.
Unfancied Dortmund win on night of missed chances
Might the story of the season suddenly be happening out of nowhere, like another sublime Jadon Sancho run? Nobody has given Borussia Dortmund a chance in these Champions League semi-finals but, in part because Paris Saint-Germain couldn’t take any massive chances of their own, the German club at least have one foot in Wembley.
Tough 'Iron General' goes to war on diplomatic front
Sacked commander-in-chief of Ukraine Valeryi Zaluzhnyi is excelling as an ambassador to London, writes Kim Sengupta
Scientists use skull to build face of Neanderthal woman
A 75,000-year-old Neanderthal skeleton found in the foothills of Iraq is believed to have been a woman aged in her mid-forties, according to researchers who pieced her skull back together.
Labour fails in bid to unseat Scotland's SNP government
Labour’s attempt to unseat Scotland’s SNP government failed yesterday after the Greens voted against a motion of no confidence in Humza Yousaf’s minority administration.
Female presenters say BBC job application was 'rigged'
Martine Croxall and three other senior BBC journalists have begun legal action against the broadcaster, claiming a job recruitment process was rigged”.
'Kew is a museum of plants and also a living work of art’
Artist provocateur Marc Quinn has been shocking people for decades. His new exhibition, Light into Life, is inspired by the beauty of the gardens. Mark Hudson walks with him
Netanyahu tells Blinken he will not end war on Hamas as part of deal for hostages
Benjamin Netanyahu is said to have told Antony Blinken he would not accept an end to the war in Gaza as part of a potential ceasefire and hostage deal.