Jubilant FoodWorks sets target to open over 5,500 Domino’s Pizza stores globally in medium term

Mumbai: Jubilant FoodWorks Ltd (JFL) which operates master franchise rights from Domino’s Pizza in India and select global markets on Wednesday said it could potentially open over 5,500 Domino’s Pizza stores in the six global markets it operates in the medium term up from the current 2,793 outlets in these markets.

To be sure, JFL operates Domino’s Pizza outlets in India, Turkiye, Bangladesh, Sri Lanka, Azerbaijan and Georgia. Last year, Jubilant Foodworks Netherlands BV (JFN), a wholly owned subsidiary of Jubilant FoodWorks Ltd, fully acquired DP Eurasia that operates as exclusive master franchisee of Domino’s Pizza in Turkey and Georgia effectively expanding its geographical footprint outside Asia.

JFL store network

Overall, the JFL Group store network across six markets and five brands consists of 2,990 outlets as on 31 March 2024. It has a portfolio of brands in emerging markets with franchise rights for three global brands including Domino’s Pizza, Popeyes and Dunkin’; apart from operating two own brands—Hong’s Kitchen in India, and COFFY in Turkey.

In India, it outlined a target to open 4,000 stores in the mid-term up from the previous target of 3,000.

Domino’s India is nearing the record feat of operating 2,000 stores across 421 cities in India; currently, it operates 1,995 outlets for the pizza chain in India with 179 net store additions in the last one year, the company said in its earnings presentation Wednesday.

Shift to emerging markets

“FY24 is a year of significant shifts for JFL, it catapults us from being India's largest food service company to becoming one of the largest emerging markets food services companies,” said Hari S. Bhartia, co-chairman, Jubilant FoodWorks, during the company’s post-earnings call on Wednesday.

The company also announced March quarter earnings—revenue from operations was up 23.9% year-on-year to ₹1,572.8 crore. Profit jumped 632 % to ₹208.9 crore—on account of a net gain of ₹170.2 crore on remeasurement of previously held equity interest pursuant to acquisition of DP Eurasia.

“The March quarter performance was remarkable as Domino's India's like-for-like trajectory turned around in Q4. This was achieved through several pre-planned strategic interventions, including strengthened regional infrastructure, enhanced on-ground execution, a comprehensive revamp of the brand, and further refining the value proposition through targeted delivery fee waivers during a period of weak demand,” said Sameer Khetarpal, CEO and MD, Jubilant FoodWorks.

The promoters of HT Media Ltd, which publishes Mint, and Jubilant Foodworks are closely related. There are, however, no promoter cross-holdings.