Jubilant FoodWorks today reported 25.53 per cent rise in June quarter net profit to Rs 23.84 crore helped by increase in same store sales growth of Domino’s Pizza. Same store growth refers to the year-over-year growth in sales for restaurants in operation for 2 whole years. The company, which operates Domino’s Pizza and Dunkin’ Donuts chains in India, had posted a net profit of Rs 18.99 crore in the same period of previous fiscal.
Its total income went up by 11.40 per cent to Rs 681.81 crore during the quarter under review as against Rs 612 crore in the year-ago period, Jubilant FoodWorks Ltd (JFL) said in a filing to the BSE. Domino’s Pizza reported same store sales growth (SSG) of 6.5 per cent in the quarter as against negative SSG of 3.2 per cent in the corresponding quarter a year ago.
“We took a number of actions in the quarter towards driving innovation, delivering value and controlling costs, and we are pleased to see that our disciplined focus on driving profitable growth has begun having the desired impact,” JFL Chairman Shyam S Bhartia and Co Chairman Hari S Bhartia said in a statement. The company today also announced stepping down of its President and CFO Sachin Sharma.
“Sachin Sharma, President and CFO and key managerial personnel of the company has resigned from the services of the company. His last working day will be July 21, 2017,” Jubilant FoodWorks said in a BSE filing. “The board will appoint his successor in due course,” it added.
In September 2016, Sharma was appointed as the chief financial officer (CFO) and key managerial personnel.
This is the second senior level exit from the company in the last one year. In September last year, Jubilant FoodWorks’ CEO and Whole-time Director Ajay Kaul had resigned to pursue opportunities outside the company. At present, the company operates 1,125 Domino’s Pizza and 55 for Dunkin’ Donuts outlets.
During the June quarter of the current fiscal, the company opened 13 new Domino’s Pizza outlets and shut 5. Whereas it closed 9 Dunkin’ Donuts outlets and opened only 1. The stock ended at Rs 1,274.55 on BSE, up 9.31 per cent, from its previous close.