Domino’s Pizza China revenues surged 51% boosted by new market entries

It was the first time new markets exceeded 50% revenue contribution.

DPC Dash – Domino's Pizza China recorded a total revenue of $422m (CN¥3.05b), a surge of 51% for the full year ending 31 December 2023, boosted by strong revenues from new market entries. 

According to Domino’s Pizza China’s annual report, revenues in Shanghai and Beijing grew at 20.8% whilst newer markets generated 102.9% year-over-year growth to $208.70m, amounting to 49.4% of the group’s total revenue last year. The group said it was the first time that revenue contributions from new growth markets exceeded 50%.

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Domino’s Pizza China attributed the growth to its ‘going deeper’ restaurant opening strategy in existing new growth market and ‘going broader’ into new markets, as well as strong new store performance on the back of enhanced Domino’s Pizza brand name.

“Executing on this strategy, we continued to develop our store network in 2023, adding 180 net new stores to bring our total store count to 768 across 29 cities as of December 31, 2023. Both our established and new growth markets saw solid demand for Domino’s, driving full year same-store sales growth of 8.9%. We have now delivered positive same-store sales growth for 27 consecutive quarters since the third quarter of 2017, when the current management team started its tenure,” Frank Paul Krasovec, Chairman and Aileen Wang, Chief Executive Officer & Executive Director, joint statement said.