Domino's runs into trouble in Europe [CNN]
DOMINOS PIZZA U&I UNS/ADR (DPUKY)
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dominos.co.uk
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Source: CNN
Domino's pulls the plug on 4 European markets The company that operates the pizza chain's UK franchise has abandoned an expansion into Switzerland, Norway, Sweden and Iceland after its stores there failed to make a profit. Domino's Pizza Group ( DMPZF ) said Thursday that it would try to find a buyer for the 100-odd stores, and turn its focus to growing its business in the United Kingdom and Ireland. Any sale would involve a "high degree of complexity," given that the markets are highly diverse and at different stages of profitability, outgoing CEO David Wild said on a call with analysts and investors. The announcement sent shares in the UK company more than 5% higher, as investors cheered the decision to jettison the businesses. Losses at the stores widened to £6.4 million ($8.2 million) in the first half of 2019, from £1.8 million ($2.3 million) in the same period last year. Wayne Brown, an analyst at independent investment bank Liberum, said he was not surprised that Domino's
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