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Domino’s Posts First Annual Loss Since Listing as Cowin Unveils Pricing Overhaul

Heavy impairments tied to mass Japan closures triggered a pivot to an everyday low price strategy.

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Dominos is ditching its discounts.
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Domino’s has lost money for the first time since it listed. NewsWire / Sarah Marshall

Overview

  • Domino’s reported a $3.7 million net loss for 2024–25, its first since listing, after shuttering 312 stores, including 233 in Japan.
  • The company booked $162.3 million in impairments, with $118.4 million linked to Japan, and began a structured menu reduction to streamline operations.
  • Executive chair Jack Cowin said the chain will ditch deep discounting and vouchers in favor of consistent everyday pricing while reinvesting cost savings in marketing and franchisee support.
  • The market reaction was sharp with shares closing down 22% to $15.10 and the final dividend cut to 21.5 cents per share.
  • Australia and New Zealand delivered record profitability, but early trading in the new year showed a 0.9% sales decline and CEO Mark van Dyck will depart on December 23.