Domino's Pizza just had a massive jump in its full year profit forecast

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Domino’s Pizza announced strong first quarter results and upgraded its full year guidance to 25% growth over last year’s underlying profit.

The results are underpinned by a lift in same store sales guidance for Australia and Europe.

“The strong positive momentum we are experiencing in Australia and New Zealand is largely attributed to the implementation of the GPS Driver Tracker technology over the past couple of months which allows customers to track their order from the store to the door,” CEO Don Meij told the company’s AGM.

Sales grew 13.9% in Australia/New Zealand and 7.7% in Europe.

“While we remain cautious with eight months of trading ahead, we are confident about continuing the same strong momentum and as such, have upgraded guidance to reflect this,” says Meij.

In August Domino’s smashed expectations when it announced a 51% increase in full year profit to $64.048 million.

Last month the fast food business strengthened its beachhead in Europe by buying Pizza Sprint, a chain in Western France with 89 stores, for 31.5 million euros ($50 million).

Domino’s has a network of 1,544 stores across Australia, New Zealand, the Netherlands, Belgium, France and Japan.

The company’s stock closed down 0.5% to $47.65.

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