1 00:00:05,680 --> 00:00:09,120 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm surean almam. Yesterday, 2 00:00:09,160 --> 00:00:12,399 Speaker 1: Domino's Pizza announced its full year results, showing strong growth 3 00:00:12,440 --> 00:00:15,240 Speaker 1: in the local market, but some of the key overseas 4 00:00:15,280 --> 00:00:18,800 Speaker 1: markets are underperforming. Domino's was a share market darling during 5 00:00:18,800 --> 00:00:21,480 Speaker 1: the pandemic, training above one hundred and sixty dollars. It's 6 00:00:21,520 --> 00:00:24,680 Speaker 1: now sitting closer to thirty one dollars as the company 7 00:00:24,680 --> 00:00:28,600 Speaker 1: grapples with changing eating habits and a challenging overseas expansion. 8 00:00:28,880 --> 00:00:31,640 Speaker 1: This earning season, we're working with the team at ozbiz 9 00:00:31,640 --> 00:00:33,559 Speaker 1: to bring you interviews with the leaders of some of 10 00:00:33,640 --> 00:00:37,840 Speaker 1: Australia's biggest companies. Ozbiz is Australia's leading provider of live 11 00:00:37,880 --> 00:00:41,839 Speaker 1: and on demand video of the latest news in Australian business, markets, 12 00:00:41,880 --> 00:00:45,600 Speaker 1: economy and startups. Sign up at Osby's dot com dot au. 13 00:00:45,800 --> 00:00:49,680 Speaker 1: It's free. Juliette Sali spoke with Domino's Chief executive Don 14 00:00:49,720 --> 00:00:52,600 Speaker 1: May about the results from the overseas markets, facing the 15 00:00:52,640 --> 00:00:56,440 Speaker 1: most pressure to competition from the fast growing Guzmany Gomez 16 00:00:56,800 --> 00:00:59,480 Speaker 1: and even the impact of weight loss drugs like Ozepik. 17 00:01:00,080 --> 00:01:02,720 Speaker 1: The outlook for the business. 18 00:01:07,959 --> 00:01:10,959 Speaker 2: Thanks so much for joining us, John, So you did 19 00:01:11,000 --> 00:01:14,160 Speaker 2: see network sales up four point six percent, just took 20 00:01:14,240 --> 00:01:16,039 Speaker 2: us through some of the highlights in your own words. 21 00:01:16,880 --> 00:01:19,200 Speaker 3: Yeah, So the core driver of our business was still 22 00:01:19,200 --> 00:01:21,920 Speaker 3: our digital online sales, which were up seven and half percent. 23 00:01:22,560 --> 00:01:24,080 Speaker 3: One of the things we did this year is we 24 00:01:24,120 --> 00:01:28,200 Speaker 3: restructured the business. We set up what we call centers 25 00:01:28,200 --> 00:01:31,440 Speaker 3: of expertise trying to leverage our global network. One of 26 00:01:31,440 --> 00:01:34,119 Speaker 3: those examples is our digital Center of Expertise and they've 27 00:01:34,120 --> 00:01:36,920 Speaker 3: performed very very well. So you know, using the global 28 00:01:37,360 --> 00:01:41,560 Speaker 3: media platforms and then using our global online ordering platform 29 00:01:41,680 --> 00:01:44,919 Speaker 3: and coupling those, passing that back to the local teams 30 00:01:44,959 --> 00:01:48,000 Speaker 3: where we have country management, and then those country management 31 00:01:48,000 --> 00:01:52,160 Speaker 3: are executing against product and the brand itself in market, 32 00:01:52,240 --> 00:01:54,240 Speaker 3: so that the brand, whether it's French or German, or 33 00:01:54,280 --> 00:01:57,000 Speaker 3: Japanese or Australian, that you know, has the look and 34 00:01:57,040 --> 00:02:01,680 Speaker 3: feel that's relevant to that market specifically in that the 35 00:02:01,720 --> 00:02:04,559 Speaker 3: great performance came from a record profit in Australia New Zealand, 36 00:02:04,560 --> 00:02:07,639 Speaker 3: where we had our best same soul sales in seven years. 37 00:02:08,120 --> 00:02:11,160 Speaker 3: We had strong performance in Germany, strong performance in our 38 00:02:11,160 --> 00:02:15,000 Speaker 3: Singapore business be it small, and we had a really 39 00:02:15,040 --> 00:02:17,520 Speaker 3: good return to good growth in our Benelux business in 40 00:02:17,560 --> 00:02:20,400 Speaker 3: the last quarter. The two business units that we need 41 00:02:20,400 --> 00:02:23,600 Speaker 3: to perform better and is in Japan and in France. 42 00:02:24,000 --> 00:02:26,720 Speaker 3: And what we've shared we've shareholders today is our plan 43 00:02:26,840 --> 00:02:29,440 Speaker 3: of how we plan to get back to growth in 44 00:02:29,520 --> 00:02:32,600 Speaker 3: both those two businesses and theirs scalable businesses. They've already 45 00:02:32,600 --> 00:02:35,360 Speaker 3: at fourteen hundred of our three thousand and eight own stores, 46 00:02:35,760 --> 00:02:38,240 Speaker 3: so we need those businesses to start contributing to our 47 00:02:38,280 --> 00:02:40,040 Speaker 3: profit in our sales. Yeah. 48 00:02:40,080 --> 00:02:42,600 Speaker 2: How crucial is that, don given you have had a 49 00:02:42,639 --> 00:02:45,400 Speaker 2: shaky start to four year twenty five with same store 50 00:02:45,440 --> 00:02:47,799 Speaker 2: sales lower than you were anticipating. 51 00:02:48,880 --> 00:02:51,320 Speaker 3: Yeah, that's one of the interesting things about reporting seven 52 00:02:51,360 --> 00:02:53,040 Speaker 3: weeks out of your normal fifty two weeks in a 53 00:02:53,120 --> 00:02:56,360 Speaker 3: year is that you know, we in one period of 54 00:02:56,360 --> 00:02:58,720 Speaker 3: seven weeks, we might be trying to hose down expectations. 55 00:02:58,720 --> 00:03:00,320 Speaker 3: We might have had a blip that was you unique. 56 00:03:00,639 --> 00:03:05,840 Speaker 3: For example, this time last year, the Matilda's performance in 57 00:03:05,639 --> 00:03:07,480 Speaker 3: the Australian Zealand business. I mean, we had all these 58 00:03:07,520 --> 00:03:09,959 Speaker 3: record days that came out of nowhere because the whole 59 00:03:09,960 --> 00:03:14,040 Speaker 3: of Australia was just captured by the getting on television 60 00:03:14,040 --> 00:03:16,800 Speaker 3: and watching the Australian team perform so well, that was 61 00:03:16,800 --> 00:03:19,680 Speaker 3: a one off occasion and now we're rolling that. Earlier 62 00:03:19,720 --> 00:03:21,959 Speaker 3: this year we've said, look, these numbers in Japan we 63 00:03:22,080 --> 00:03:24,320 Speaker 3: just reported for the first seven weeks, please know that 64 00:03:24,360 --> 00:03:27,160 Speaker 3: they are inflated by unique promotion and performance that is 65 00:03:27,160 --> 00:03:29,880 Speaker 3: not the So in some cases we're doing that, then 66 00:03:30,000 --> 00:03:31,960 Speaker 3: other cases, like now, we're saying, look this seven weeks 67 00:03:31,960 --> 00:03:34,960 Speaker 3: does not reflect the core performance of the business, and 68 00:03:35,800 --> 00:03:39,080 Speaker 3: so we still expect a return to three to six 69 00:03:39,120 --> 00:03:42,360 Speaker 3: percent same store sales growth. We do need France and 70 00:03:42,480 --> 00:03:45,160 Speaker 3: Japan to contribute to those. Both markets are moving into 71 00:03:45,240 --> 00:03:49,520 Speaker 3: higher media spends coming into the second quarter and beyond, 72 00:03:50,000 --> 00:03:53,480 Speaker 3: and have launch relaunched the brand in particular in France 73 00:03:54,640 --> 00:03:58,000 Speaker 3: and changed to some of our pricing models, more less 74 00:03:58,000 --> 00:04:00,880 Speaker 3: discounting in Japan which didn't work in a low frequency market, 75 00:04:01,080 --> 00:04:05,000 Speaker 3: and focusing more on unique products to dominoes and then 76 00:04:05,040 --> 00:04:07,920 Speaker 3: putting good media behind that to then activate the customer. 77 00:04:09,040 --> 00:04:11,840 Speaker 2: Is there a deadline if you don't see a turnaround 78 00:04:11,840 --> 00:04:13,600 Speaker 2: in the French and Japanese businesses. 79 00:04:15,120 --> 00:04:17,680 Speaker 3: I think it's very dangerous for any leader to just 80 00:04:17,720 --> 00:04:20,359 Speaker 3: go out there and put those sort of expectations on 81 00:04:20,400 --> 00:04:23,159 Speaker 3: a team. What we're really looking for is forward momentum 82 00:04:23,200 --> 00:04:23,800 Speaker 3: in actions. 83 00:04:24,320 --> 00:04:27,640 Speaker 1: And so you know, this business. 84 00:04:27,520 --> 00:04:29,680 Speaker 3: Has four core owners today and it should be a 85 00:04:29,680 --> 00:04:31,400 Speaker 3: fifth one when France comes on. But if you look 86 00:04:31,400 --> 00:04:33,320 Speaker 3: at the history of this business, it's made all of 87 00:04:33,360 --> 00:04:36,560 Speaker 3: its profit out of Australia, New Zealand, the Benelux, Germany 88 00:04:36,600 --> 00:04:39,480 Speaker 3: and Japan. And out of those four units today, it's 89 00:04:39,480 --> 00:04:43,479 Speaker 3: only Japan that's been underforming in recent times. So you know, 90 00:04:43,480 --> 00:04:46,120 Speaker 3: with great expectations of Japan will return and then France 91 00:04:46,120 --> 00:04:49,920 Speaker 3: should be adding to that. Now, markets like Singapore and 92 00:04:49,920 --> 00:04:52,400 Speaker 3: Malaysia and Taiwan do contribute to the business, but they're 93 00:04:52,440 --> 00:04:54,440 Speaker 3: not the big four core owners. Right now, three of 94 00:04:54,480 --> 00:04:56,680 Speaker 3: the four are firing, looking for number four, with Japan 95 00:04:56,760 --> 00:04:58,200 Speaker 3: a kick in and France then add to that. 96 00:04:58,240 --> 00:05:02,440 Speaker 2: Again men Malaysia though, and that was affected by some 97 00:05:02,560 --> 00:05:05,400 Speaker 2: geopolitical issues. Just tell us more broadly how the Asian 98 00:05:05,440 --> 00:05:06,320 Speaker 2: business is faring. 99 00:05:07,040 --> 00:05:11,919 Speaker 3: Yeah, so we roll the events, the geopolitical events by October, 100 00:05:12,000 --> 00:05:13,680 Speaker 3: so then we have a like for like year where 101 00:05:13,680 --> 00:05:18,200 Speaker 3: we're not seeing the effects of those global political events 102 00:05:18,279 --> 00:05:20,480 Speaker 3: get worse. In fact, we've actually seen our performance improve 103 00:05:21,600 --> 00:05:24,120 Speaker 3: against that. So when we roll those, we expect to 104 00:05:24,120 --> 00:05:27,599 Speaker 3: be back into positive performance in the Malaysian business. Fortunately, 105 00:05:27,640 --> 00:05:31,280 Speaker 3: when we acquired the Malaysia, Singapore Cambodia business, we had 106 00:05:31,279 --> 00:05:33,920 Speaker 3: some really large structural plans we put in place, which 107 00:05:33,960 --> 00:05:36,760 Speaker 3: then delivered. We highlighted today twenty one percent same store 108 00:05:36,800 --> 00:05:39,280 Speaker 3: sales growth in the Singapore business, putting in our new 109 00:05:39,320 --> 00:05:43,159 Speaker 3: tech stack, moving to making dough in store, cutting vegetables 110 00:05:43,160 --> 00:05:45,719 Speaker 3: in store. So important to have those sort of fresh 111 00:05:45,880 --> 00:05:48,400 Speaker 3: ingredients both from an ESG point of view, but from 112 00:05:48,440 --> 00:05:51,000 Speaker 3: a quality and a margin point of view put into store. 113 00:05:51,440 --> 00:05:54,760 Speaker 3: Because we did that, it also safety needed our profitability 114 00:05:54,760 --> 00:05:57,159 Speaker 3: in Malaysia and that we didn't get quite impact we 115 00:05:57,160 --> 00:05:59,400 Speaker 3: would have had from the de leverage of sales because 116 00:05:59,440 --> 00:06:01,760 Speaker 3: of all of those initiative. So we're looking forward to 117 00:06:01,920 --> 00:06:05,880 Speaker 3: rolling in October, and no one can you can really 118 00:06:06,360 --> 00:06:08,000 Speaker 3: see into crist of ball of what might happen in 119 00:06:08,000 --> 00:06:11,360 Speaker 3: those geopolitical things. But from a like l like point 120 00:06:11,360 --> 00:06:13,880 Speaker 3: of view, we start rolling off that in October. Specific 121 00:06:13,880 --> 00:06:16,440 Speaker 3: for Malaysia, Taiwan's actually had really good growth the last 122 00:06:16,440 --> 00:06:20,120 Speaker 3: six months, and then Japan needs to add what. 123 00:06:20,160 --> 00:06:23,520 Speaker 2: About your Australia business. You mentioned the impact of the 124 00:06:23,600 --> 00:06:27,479 Speaker 2: Matilda effect Matilda's effect last year. But you have said yourself, 125 00:06:27,520 --> 00:06:30,440 Speaker 2: the fastest growth is a single eat. How are you 126 00:06:30,520 --> 00:06:34,320 Speaker 2: faring amongst your competitors and the aggressive growth of Guzman 127 00:06:34,360 --> 00:06:34,920 Speaker 2: e Gomez. 128 00:06:35,920 --> 00:06:39,120 Speaker 3: Yeah, so Domino's historically in Australia is no exception. So 129 00:06:39,240 --> 00:06:41,360 Speaker 3: every second pizza. In fact, it's now grown to fifty 130 00:06:41,400 --> 00:06:43,600 Speaker 3: three percent market share. We took two more extra market 131 00:06:43,600 --> 00:06:45,640 Speaker 3: share points this year. So with the fastest growth in 132 00:06:45,640 --> 00:06:47,960 Speaker 3: pizza and in some quarters the fastest growth by custom 133 00:06:48,000 --> 00:06:51,240 Speaker 3: accounting QSR of the major QSR, which we see as 134 00:06:51,279 --> 00:06:54,560 Speaker 3: our direct competition. And so you know, when we look 135 00:06:54,560 --> 00:06:57,120 Speaker 3: at our business historically, for all of that success, we've 136 00:06:57,160 --> 00:07:00,279 Speaker 3: predominantly been a dinner and shared meal occasion. We get 137 00:07:00,279 --> 00:07:04,080 Speaker 3: growth in lunch snacking, which is in afternoon, early mornings 138 00:07:04,080 --> 00:07:07,000 Speaker 3: and late night. We've pursued Meltz, the my Domino's box, 139 00:07:07,000 --> 00:07:09,000 Speaker 3: and we've got more products coming. We just launched pizza 140 00:07:09,000 --> 00:07:11,160 Speaker 3: dogs only earlier this week. We've also launched them a 141 00:07:11,200 --> 00:07:13,400 Speaker 3: month ago in the Netherlands, which is a new consumer, 142 00:07:13,720 --> 00:07:16,120 Speaker 3: a smaller price point. You know, a mom after school 143 00:07:16,360 --> 00:07:19,440 Speaker 3: a three dollars pizza dog, great protein fixed straight after school, 144 00:07:19,920 --> 00:07:22,720 Speaker 3: and still indulgent and sits all of the dominoes the 145 00:07:22,720 --> 00:07:24,680 Speaker 3: way we like to think of how we design our product. 146 00:07:25,200 --> 00:07:27,040 Speaker 3: We as a result of that, with the fastest growth 147 00:07:27,120 --> 00:07:29,880 Speaker 3: Lunch brand out of all the major QSRs in Australia 148 00:07:30,000 --> 00:07:32,520 Speaker 3: in the last year, fastest growth in delivery over the 149 00:07:32,520 --> 00:07:36,160 Speaker 3: full year, and we had great growth in snacking performance 150 00:07:36,200 --> 00:07:38,920 Speaker 3: in those areas. So we really overperformed in areas we 151 00:07:38,960 --> 00:07:42,760 Speaker 3: haven't typically got a consumer, hence having our stronger sales 152 00:07:42,800 --> 00:07:45,280 Speaker 3: and seven years even though it's our largest business. 153 00:07:45,960 --> 00:07:48,840 Speaker 2: So talking about those cost of points and of course 154 00:07:48,920 --> 00:07:53,720 Speaker 2: for lower consumers as well, consumer wallets, particularly amongst the 155 00:07:53,800 --> 00:07:56,600 Speaker 2: high cost of living, what's the plan there to try 156 00:07:56,600 --> 00:07:59,080 Speaker 2: and lure more customers in Yeah, so. 157 00:07:59,040 --> 00:08:01,360 Speaker 3: We've got a very exciting product pipeline. So when we 158 00:08:01,440 --> 00:08:04,880 Speaker 3: came out of COVID, we did I give our performance 159 00:08:04,880 --> 00:08:07,040 Speaker 3: in the first year of inflation, you know, quite terrible. 160 00:08:07,320 --> 00:08:09,440 Speaker 3: We've just I've been this business now thirty seven years, 161 00:08:09,520 --> 00:08:11,880 Speaker 3: thirty five at that point, and the inflation we saw 162 00:08:11,960 --> 00:08:14,160 Speaker 3: in Europe, you know, with not only all of the 163 00:08:14,160 --> 00:08:16,200 Speaker 3: effects of coming out of COVID, in the way government's 164 00:08:16,480 --> 00:08:20,000 Speaker 3: behaved and the political events that happened around the world, 165 00:08:20,080 --> 00:08:23,160 Speaker 3: for example, invasion in Ukraine. I mean, we saw some 166 00:08:23,560 --> 00:08:26,720 Speaker 3: really incredible inflation at one point in Germany. Inflation for 167 00:08:26,880 --> 00:08:30,240 Speaker 3: US was twenty one percent in one quarter, so quite significant. 168 00:08:30,440 --> 00:08:32,880 Speaker 3: We didn't know how to respond and we had to 169 00:08:32,920 --> 00:08:35,719 Speaker 3: rebuild our muscle memory and product development. You know, we've 170 00:08:35,800 --> 00:08:38,959 Speaker 3: been such a digitally driven business the decade before in COVID, 171 00:08:39,000 --> 00:08:40,880 Speaker 3: we were just trying to keep up with our supply chains. 172 00:08:41,480 --> 00:08:43,920 Speaker 3: So getting back in investment in our chefs, investment in 173 00:08:43,920 --> 00:08:46,240 Speaker 3: our research and development, and now you're seeing the benefits 174 00:08:46,280 --> 00:08:48,560 Speaker 3: of that, and you're going to see that accelerate into 175 00:08:48,600 --> 00:08:51,960 Speaker 3: this year where we've got a lot of new exciting products, 176 00:08:52,320 --> 00:08:56,680 Speaker 3: once again mostly built around new segmentation. So we highlight 177 00:08:56,720 --> 00:08:59,880 Speaker 3: that on slight three in our investor deck today, lunch Nack. 178 00:09:00,160 --> 00:09:03,640 Speaker 3: But there's other areas you'll see on their drinks. You 179 00:09:03,679 --> 00:09:06,080 Speaker 3: would never have thought of Domino's really as a drink purveyor. 180 00:09:06,120 --> 00:09:09,120 Speaker 3: A few years ago we launched premium thick shakes. There's 181 00:09:09,160 --> 00:09:12,560 Speaker 3: some of our highest performing products in Japan, the Netherlands, Belgium, 182 00:09:12,679 --> 00:09:16,400 Speaker 3: Germany for an MPs score really good margin designed to 183 00:09:16,480 --> 00:09:20,160 Speaker 3: be delivered thick shape minus fourteen degrees celsius, all natural, 184 00:09:20,720 --> 00:09:23,920 Speaker 3: quite indulgent product, and so that's given us an excitement 185 00:09:24,080 --> 00:09:26,839 Speaker 3: into the booming business where many consumers around the world 186 00:09:26,880 --> 00:09:31,200 Speaker 3: are changing their dietary behavior, whether that's go via zenpic 187 00:09:31,360 --> 00:09:35,360 Speaker 3: or just through just wanting to eat more frequent, smaller meals. 188 00:09:35,559 --> 00:09:39,000 Speaker 3: And we're building those smaller meals to consumers that are 189 00:09:39,080 --> 00:09:41,120 Speaker 3: very high protein based as well, which is also a 190 00:09:41,120 --> 00:09:43,320 Speaker 3: big key driver when someone's indulging. 191 00:09:44,040 --> 00:09:46,320 Speaker 2: I was going to say you worried about the impact 192 00:09:46,360 --> 00:09:49,400 Speaker 2: of those weight loss drugs on your future bottom line, 193 00:09:50,200 --> 00:09:50,720 Speaker 2: not at all. 194 00:09:50,800 --> 00:09:52,599 Speaker 3: You know, I've been here thirty seven years and I 195 00:09:52,600 --> 00:09:55,040 Speaker 3: can't remember how many of those sort of events that 196 00:09:55,080 --> 00:09:57,400 Speaker 3: we've faced. But you know, what do you monitor with 197 00:09:57,720 --> 00:09:59,800 Speaker 3: the kinds of people that are now moving into that 198 00:10:00,000 --> 00:10:03,640 Speaker 3: sort of health choice, smaller meals and needing to put 199 00:10:03,679 --> 00:10:06,560 Speaker 3: more protein into those meals. That's very much the core 200 00:10:06,679 --> 00:10:09,040 Speaker 3: focus of our business. Our products, every one of them 201 00:10:09,080 --> 00:10:12,240 Speaker 3: at launching has that core of mind, including some of 202 00:10:12,240 --> 00:10:16,120 Speaker 3: those consumers also moved to using liquid drinks as a 203 00:10:16,559 --> 00:10:19,240 Speaker 3: meal solution, and we're also pioneering and working really hard 204 00:10:19,240 --> 00:10:21,240 Speaker 3: and designed to be delivered drinks, So you can expect 205 00:10:21,240 --> 00:10:24,319 Speaker 3: a lot of new innovation phnominoes by the way, mainly 206 00:10:24,800 --> 00:10:27,880 Speaker 3: chasing an existing customer that already exists. But the bonus 207 00:10:27,960 --> 00:10:31,720 Speaker 3: is that it also is you know, individuals that choose 208 00:10:31,720 --> 00:10:34,240 Speaker 3: that lifestyle cholae still want to treat themselves and dominates 209 00:10:34,240 --> 00:10:36,320 Speaker 3: providing a treat that suits their meal occasion. 210 00:10:37,440 --> 00:10:39,560 Speaker 2: Well don it as well. Let's talk about your dividend payment. 211 00:10:39,640 --> 00:10:42,640 Speaker 2: So fifty four point four cents per share interim are 212 00:10:42,920 --> 00:10:46,640 Speaker 2: on franked. What is the potential growth that you are 213 00:10:46,679 --> 00:10:48,840 Speaker 2: seeing for four year twenty five dividends. 214 00:10:49,679 --> 00:10:52,559 Speaker 3: Yeah, so it's obviously always based on earnings growth and 215 00:10:53,280 --> 00:10:56,080 Speaker 3: you know, from the franking perspective, it's where those earnings 216 00:10:56,120 --> 00:10:58,160 Speaker 3: are made. You know, we are one of a very 217 00:10:58,160 --> 00:11:01,520 Speaker 3: proud of straining company and as a result, you know, 218 00:11:01,559 --> 00:11:03,760 Speaker 3: we like to bring our profits home and pay Australian 219 00:11:03,760 --> 00:11:06,800 Speaker 3: tax and that's when we get our franking credits. Unfortunately, 220 00:11:06,840 --> 00:11:10,040 Speaker 3: because we've had some restructuring costs, we haven't paid the 221 00:11:10,040 --> 00:11:12,520 Speaker 3: tax that we typically pay in years because of the 222 00:11:12,520 --> 00:11:15,040 Speaker 3: write downs. But we plan and to get straight back 223 00:11:15,080 --> 00:11:19,320 Speaker 3: into profitability, a lot less need for restructuring costs and 224 00:11:19,360 --> 00:11:22,520 Speaker 3: therefore you return to franking to our dividends. And with 225 00:11:22,600 --> 00:11:26,320 Speaker 3: earnings currently we have an eighty percent payout ratio. We've 226 00:11:26,360 --> 00:11:29,360 Speaker 3: historically ranged between seventy eighty percent and there's no indication 227 00:11:29,440 --> 00:11:34,880 Speaker 3: that will change. So earnings Australian based and how we 228 00:11:34,880 --> 00:11:36,800 Speaker 3: repatriate those earnings that is, you know, because of the 229 00:11:36,840 --> 00:11:39,000 Speaker 3: ip that we ship all over the world with all 230 00:11:39,000 --> 00:11:41,839 Speaker 3: of our technology, our productnovation and so on. We're very 231 00:11:41,840 --> 00:11:42,840 Speaker 3: proud of straining company. 232 00:11:43,760 --> 00:11:46,839 Speaker 2: And in terms of when you might see shareholders kind 233 00:11:46,880 --> 00:11:48,559 Speaker 2: of come back and show you some love. I know 234 00:11:48,640 --> 00:11:50,600 Speaker 2: you can't control the market, but your thoughts on whether 235 00:11:50,679 --> 00:11:52,560 Speaker 2: or not you're sitting below fair value at the moment. 236 00:11:53,679 --> 00:11:55,960 Speaker 3: Look, we never comment on share price, but my job 237 00:11:56,120 --> 00:11:59,440 Speaker 3: and my team's job, the leadership team, is to execute 238 00:11:59,480 --> 00:12:01,480 Speaker 3: against growth. We need to return back to a growth 239 00:12:01,480 --> 00:12:04,280 Speaker 3: company that sharolders expect to get to the seven thousand, 240 00:12:04,280 --> 00:12:07,760 Speaker 3: one hundred stores and beyond. And that means that we 241 00:12:07,760 --> 00:12:09,440 Speaker 3: need each of our business units to get back to 242 00:12:09,480 --> 00:12:11,400 Speaker 3: the sort of growth you've seen in Australia, New Zealand 243 00:12:11,400 --> 00:12:14,199 Speaker 3: and Germany, Benelux. We're seeing out of Singapore and Taiwan, 244 00:12:14,240 --> 00:12:16,160 Speaker 3: but we need the other big engines too, of France 245 00:12:16,200 --> 00:12:19,840 Speaker 3: and Japan to contribute to that growth and when we 246 00:12:19,880 --> 00:12:22,840 Speaker 3: wind up store growth again. So you can imagine when 247 00:12:23,480 --> 00:12:25,160 Speaker 3: the earnings were the way they were the last twenty 248 00:12:25,200 --> 00:12:28,320 Speaker 3: four months, we weren't opening the store accounts, which means 249 00:12:28,400 --> 00:12:32,040 Speaker 3: that we didn't have a pipeline of sites Germany, the Benelux, Australia, 250 00:12:32,080 --> 00:12:35,360 Speaker 3: New Zealand, Taiwan, even Malaysia. Right now we're out actively 251 00:12:35,400 --> 00:12:39,760 Speaker 3: pursuing sites now that happens pretty quickly with growth in Malaysia, Australia, 252 00:12:39,800 --> 00:12:42,160 Speaker 3: New Zealand, when Japan comes back online, all happen quickly. 253 00:12:42,160 --> 00:12:45,680 Speaker 3: In Japan. The European pipeline typically takes nine to eighteen 254 00:12:45,720 --> 00:12:49,960 Speaker 3: months to fill. It's a much more structural model that 255 00:12:50,000 --> 00:12:51,439 Speaker 3: we have to work through there. So the sites we're 256 00:12:51,440 --> 00:12:53,959 Speaker 3: finding today will open in nine to eighteen months, and 257 00:12:54,600 --> 00:12:56,600 Speaker 3: Germany and the ben Luck already going to contribute to that. 258 00:12:56,920 --> 00:12:59,800 Speaker 3: I can't wait for France to add to that as well. 259 00:13:05,280 --> 00:13:08,240 Speaker 1: That was Domino CEO Don May speaking to Juliet Sally 260 00:13:08,320 --> 00:13:10,800 Speaker 1: from Osby's. Sign up at Osby's dot com dot au. 261 00:13:10,960 --> 00:13:13,440 Speaker 1: It's free. This is a Fair and Greed daily interview. 262 00:13:13,559 --> 00:13:15,520 Speaker 1: Join us every morning for the full episode of Fear 263 00:13:15,559 --> 00:13:18,680 Speaker 1: and greed, daily business years for people make their own decisions. 264 00:13:18,800 --> 00:13:21,760 Speaker 1: I'm seanelma Enjoy your day.