Jubilant FoodWorks plans to enter SriLanka, Bangladesh

July 30th, 2010 - 5:00 pm ICT by IANS  

New Delhi, July 30 (IANS) Jubilant FoodWorks, which operates Pizza delivery major Domino’s in India, Friday reported a net profit of Rs.15.3 for the quarter ended June 30, and said it is planning to open stores in Sri Lanka and Bangladesh next year.
The company’s net sales for the quarter under review grew by 60 percent to Rs.135.6 crore.

“By the end of this financial year, we will start operations and open at least 2-3 company owned stores in Sri Lanka,” said Ajay Kaul, Jubilant FoodWorks chief executive during a conference call to discuss the company’s earnings results.

The Sri Lankan operations would be through a wholly owned subsidiary.

“Bangladesh as a market too has potential and we will look at a strategy to enter that market. I would reckon we should be able to open our first store there in the next financial year,” said Kaul.

The company said the robust growth numbers were due to a rise in same-store sales and addition of new stores.

Same store revenue growth in the first quarter was 37 percent compared to 13.6 percent in the previous corresponding quarter.

Jubilant owns and operates all its stores in the country which stood at 320 stores till June 30. It added 14 new stores during the quarter and plans to continue with its inital target of opening about 70 stores during the current fiscal.

–Indo-Asian News service

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