Domino’s profit soars by 48%; Business conditions jump to four year high: Midday Roundup

Pizza chain Domino’s will focus on rolling out new stores in Australia and overseas as it seeks to capitalise on profit growth of almost 48% in the 2014 financial year.

Business Spectator reports the pizza chain’s net profit jumped to $42.3 million for the 12 months ending June 30, up from $28.7 million the year before.

Domino’s chief executive Don Meij said the company expects its earnings to increase by around 20% in the 2015 financial year, with 185 stores expected to be added to the chain.

In the 2014 financial year, Domino’s opened 44 new stores in Australia and New Zealand, 27 new stores in Europe and 61 in Japan.

Business conditions jump to four year high

Business conditions have hit a four year high and business confidence has also strengthened for July, according to the National Australia Bank’s monthly business survey.

Business conditions rose in the month to their highest level since early-2010, implying a strong start to third quarter demand, while business confidence was back to post-election highs.

The results show companies still appear to be unfazed by the federal government’s ‘tough budget’ and are possibly taking comfort in the bounce back in consumer confidence.

But NAB said major improvements were narrowly based, with the construction sector a standout.

Shares up on open

Aussie shares have opened higher this morning, as the local market builds on yesterday’s gains.

The S&P/ASX200 benchmark was up 60 points to 5517 points at 12.22pm AEST. On Monday, the Dow Jones closed 16.05 points higher, up 0.10% to 16570 points.