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Tech & Science Domino’s share price down 4% after French coronavirus shutdown

13:42  20 march  2020
13:42  20 march  2020 Source:   fool.com

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a sign above a store: Domino's © Provided by The Motley Fool Domino's

In morning trade the Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has dropped lower following its second coronavirus update of the week.

At the time of writing the pizza chain operator’s shares are down almost 4% to $46.50.

What did Domino’s announce?

This morning Domino’s announced that it will voluntarily close stores in France for a period of 15 days starting from today.

According to the release, the company made the decision to close all stores in the country after consultation with its franchisees in France.

Although the French government implemented a suite of measures to combat COVID-19 that allowed Domino’s stores to trade, it also provided a range of support measures for businesses that temporarily close.

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Domino’s CEO and Managing Director Don Meij explained that the decision to close its French stores was consistent with the company’s approach to responding to community expectations.

He commented: “We recognise the trust and approval of our customers and the community is a privilege and a significant responsibility. We believe it is possible to live up to this responsibility, safely. In France it is clear our community prefers businesses to close and, in an environment in which several quick-service restaurants have closed, the community expects the same of Domino’s.”

Outside France.

In other markets, the company notes that the community preference is for stores to continue to operate, particularly through delivery.

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The decision comes hours after the city decided to shut down its public school system, which is the nation’ s largest, to slow the spread of the coronavirus . The measure is certain to disrupt the lives of 8 million people, many of whom live in small apartments and frequent restaurants regularly.

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As a result, it will continue with initiatives including Zero Contact Delivery and Zero Contact Carry-Out in other markets.

Business impact.

Because of the positive sales performance in other markets and other offsetting savings including deferring non-urgent initiatives in all markets, Domino’s advised that it is unclear if this decision will be material to its full-year earnings.

One thing it could impact is the opening of new stores. Store openings this year were on track, but it is now unclear whether the impact of societal restrictions will result in some store openings being delayed from FY 2020 until FY 2021.


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