Labour’s Budget tax raid takes a slice out of Domino’s pizza profits as staffing costs
Domino’s warned its profits will be hit this year after staffing costs surged because of Labour’s Budget tax raid.
The pizza chain also said the market ‘has become tougher, both for us and our franchisees’, with store openings hit by economic unease as consumers cut back on takeaway spending.
Domino’s warned its annual profits would be between £130million and £140million, £6million lower than previously forecast.
The business was also whacked by increases in employer contributions to National Insurance alongside increases in the minimum wage.
Domino’s previously flagged that its labour costs would be £3million higher this year as a result of the Budget.
Costs: Domino’s pizza chain said the market ‘has become tougher both for us and our franchisees’ with store openings hit as consumers cut back on takeaway spending
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