Domino's Pizza operator Jubilant Foodworks' MD and CEO, Sameer Khetarpal, on August 9 said that the situation in Bangladesh is stabilizing, and stores have begun to reopen.
“Our store staff is safe and we have not incurred any material loss to our store and property. The business contributes less than 1% of our consolidated revenue. However, it is too early. The situation has been better in the last couple of days. Stores have started opening,” Khetrapal said in the investor call for the Q1FY25 results on Friday.
Political instability and violence aggravated in Bangladesh after Prime Minister Sheikh Hasina resigned and left the country on August 4 following massive protests. The country is now seeking stability with Nobel laureate Muhammad Yunus taking oath as head of Bangladesh's interim government.
Domino’s Bangladesh revenue was reported at Rs 17 crore, up by 42.2 percent on the back of accelerated network expansion—10 net store additions in the last one year.
The company's net sales stood at Rs 1,933 crore, rising 45 percent from Rs 1,334.5 crore in the year-ago quarter, the company said in a regulatory filing.
“The Bangladesh business turned profitable and we saw material store growth. Our few (new) stores also opened. We believe it (Bangladesh turmoil) should normalize because the police were on strike. So, it's wait and watch,” he added.
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