Domino’s Pizza is pushing ahead with massive expansion plans and joined the growing number of companies committed to net zero emissions by 2050.
The company has also warned it expects to be faced with higher food and energy costs next year.
The fast food behemoth held its annual general meeting and provided a trading update on Wednesday.
Chief executive Don Meij said its network was already 15 per cent bigger than this time last year through new store openings and acquisitions.
There are 3169 stores in the network and the plan is to more than double that number by next decade.
“We have a busy new store pipeline and this year, we aim to open a record number of new stores,” Mr Meij said.
“Indeed, we are targeting FY22 to be the largest expansion of our store footprint in our company’s history.
“We also remain active in pursuing additional markets.”
Over the next three to five years, Domino’s is targeting 9-12 per cent new store growth, and chairman Jack Cowan gave more detail in his speech to investors.
“Where other businesses in our category or broader industry immediately went on the defensive when Covid-19 arrived, Domino’s Pizza Enterprises expanded our presence – opening more stores, marketing to more customers, donating more meals to the community,” Mr Cowan said.
“With the acquisition of Taiwan, our tenth market, and a review of our modelling, Domino’s now expects to operate more than 6650 stores by 2030.
“We foresee significant upside beyond 2033 in our existing businesses, particularly Europe and Asia.”
Mr Meij said the network in both regions were “planned to be bigger than the entire Domino’s Pizza Enterprises of today”.
Mr Meij said Domino’s would, in the next 12 months, set time-bound and science-based targets with an interim goal and a commitment to reach net zero greenhouse gas emissions before 2050.
“We are embracing this responsibility to take action now, and inspire our industry and supply chain partners.”
He said Domino’s would partner with Compassion in World Farming on the company’s Better Chicken Commitment, expanding its pledge for Europe to include Australia and New Zealand.
“We have also expanded our offerings to vegan, vegetarian and flexitarian customers, with plant-based cheeses and alternatives to our traditional proteins,” Mr Meij said.
On expected higher food prices in 2022, Domino’s said long term contracts would provide some buffer.
Shareholder activist Stephen Mayne asked Mr Cowan, aged 79, whether he planned to emulate the boss of the publisher of this title – News Corp chairman Rupert Murdoch – in continuing his career into his 90s.
The executive said that “may be wishful thinking”.
“I may not be that lucky but that would be my desire,” Mr Cowan elaborated.