Stock Groups

Domino’s cuts back on promotional offers as costs bite -Breaking

[ad_1]

© Reuters. FILEPHOTO: This is a Domino’s Pizza location in Los Angeles, California on July 18, 2018. REUTERS/Lucy Nicholson/File photo

(Reuters) – Domino’s Pizza (NYSE 🙂 Inc has had to reduce some promotional offers it made for the United States in 2022 due to rising food prices, according to the company on Tuesday.

According to the pizza company, it will reduce the amount of chicken wings available in the $7.99 take-out menu to 8 pieces instead of 10. This is the first of several changes that the company has made to combat rising labor costs as well as higher prices for meats and cheeses.

Richard Allison, chief executive officer of ICR Conference said that “we anticipate unprecedented increases in food basket costs (for fiscal 2002) versus 2021 of between 8% and 10%”

Domino’s also plans to limit the promotion to its online channel, as this could reduce costs and eliminate the need for workers answering the phone.

The global supply-chain crisis has driven up the cost of ingredients. U.S. restaurants have had to raise prices and pay more for their employees to prevent them leaving to take higher-paying positions.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]