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The stock jumped as much as 23% in early trading in Sydney. Shares in Domino’s were up 22% at A$36.12 at 10:20 AM, valuing the fast-food business at A$3.33 billion ($2.1 billion).
Some 172 of the stores to be shut are in Japan, where a pandemic-era sales surge has faltered, the Brisbane, Australia-based company said Friday. The closures will hit almost one in five of the 944 Domino’s stores in the Asian nation.
Van Dyck is carrying out a sweeping strategic review after taking the helm at Domino’s three month ago. Under his predecessor Don Meij, who announced his retirement in November after 22 years as CEO, Domino’s underwent relentless growth at home and overseas. Van Dyck said his priorities are improving the business in Japan and France.“Some of our Covid-period expansion resulted in stores that simply weren’t optimal based on our current customer proposition,” Van Dyck said in the statement. “We are committed to being disciplined in expansion.”
Domino’s has 3,733 stores stretching from Europe to Asia, and Japan currently has the biggest network. There are 740 outlets in its home market of Australia, according to the company’s website.
