Pizza maker Domino's will add thick shakes and ice cream to its menu in a bid for a scoop of Australia's $700 million milkshakes and smoothies market.
Thick shakes were an additional treat offered to shareholders at Domino's annual general meeting in Brisbane on Monday, where the company also upgraded its full year underlying earnings guidance, saying growth should now be in the order of 30 per cent instead of 25 per cent as previously stated.
Chief executive Don Meij said sales were higher than expected in the first months of the 2017 financial year and he attributed the growth to the group's biggest menu overhaul launched in September, including new premium pizzas, side dishes and desserts.
In the 16 weeks to October 23, same-store-sales rose 17.66 per cent in Australia and New Zealand.
Mr Meij said thick shakes and ice cream cups will be rolled out in July next year, with 800 ice cream machines to be added to the Domino's store network.
"Thick shakes are part of the $700 million milkshakes and smoothies market in Australia and coupled with ice cream and sundaes the market opportunity is even larger," Mr Meij said.
"Our aim is to target 10 per cent of that market."
The group expects same store sales to grow between 12 to 14 per cent in fiscal 2017, up from its previous forecast of 10 to 12 per cent.
Some shareholders opposed the executives' pay packets with a 13 per cent vote against the remuneration report, which still passed with 87 per cent support.
The Australian Shareholders' Association led the vote against the remuneration report on the grounds that it lacked sufficient information justifying short term incentives.
Share
