Domino’s profits spark sell-off … Flying Ubers could be in Sydney by 2023 … JD Sports to open fourth Aussie store

By Dominic Powell and Emma Koehn. 

Shares in Domino’s Pizza Enterprises dropped by close to 20% this morning after the fast food chain announced a net profit after tax figure that fell short of the company’s guidance.

The company’s shares dropped from $51.00 to $41.00 this morning, and were sitting at $44.00 at 10:45am.

The company reported $102.9 million profit for the fiscal year, a figure that was up 25% on last year, but the final figures did not hit the 32.5% increase Domino’s had expected, reports The Australian. 

The company also says it has developed an “action plan” in response from a Deloitte audit into underpayment concerns across the franchise network, informing shareholders Deloitte recommended a number of measures to prevent underpayment of staff.

These include formalising a “supervision framework” for stores, and setting up an independent whistle-blowing function to complement the complaints process that already exists in the business.

Flying Ubers could be coming to Melbourne and Sydney

The head of ride-sharing company Uber’s lofty Elevate program has hinted that Australian captial cities Sydney and Melbourne could be the next port of call for the company’s flying cars.

Following a launch in the US and Dubai planned for 2020, the company has floated 2023 as the year the project could land Down Under.

“Sydney, for sure, is one city we want to look at, and partly because New South Wales has demonstrated a lot of interest in being forward-thinking. Sydney certainly has its congestion problems and I think the community would benefit from urban aviation,” Uber’s chief product officer Jeff Holden told news.com.au.

“If I wanted to get to Bondi from the city (with Uber Elevate), I could be there in just five minutes. That’s a very exciting concept.”

Airborne Ubers are designed to be much like helicopters, albeit much quieter and cheaper. The current goal for the Elevate project is to have the vehicles launch from the top of buildings, with trips reportedly planned to be priced at a similar level to current Uber prices.

JD Sports launches fourth Australian store

Inside Retail reports UK sports and leisurewear retailer JD Sports will open the doors of its fourth Australian store in Miranda, NSW on Thursday, looking to continue its growth after its Parramatta store had its largest day of trading globally on its opening day.

The new store will be the largest of any of the retailer’s Australian outlets, the first of which opened in Melbourne Central in March.

“The success of our first three Australian stores has highlighted the consumer demand for JD Sports exclusive product,” Hilton Seskin, head of JD Australia, said in a statement.

“JD Sports is a digitally-focused retail environment that has a wide range of footwear and apparel for men, women and children. We have been able to achieve great results by presenting the customer with the best product and by leveraging the retail theatre that JD Sports is known for globally.”

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