Pizza: Domino's couldn't convert in Italy — a rarity for the pizza giant

8/11/22 8:00PM

A bigger slice

‍Domino’s shut its last Italian outpost this week, as the home of pizza decidedly rejected the Domino's version of the country's beloved food.

That was a blow for the company, but even a legion of disappointed Italian nonnas won't worry the Domino's CEO too much. In 2021 there were 34 stores in Italy, a tiny fraction of the 18,848 that the company reported worldwide — a milestone that quietly took them ahead of long-time leaders Pizza Hut last year.

‍Domino’s don’t dip

‍Domino’s has seriously delivered when it comes to adding more stores. Its roll-out has risen considerably each year, with more than 1,000 stores added in 5 out of the last 6 years — equivalent to 2 or 3 stores opening every single day. Pizza Hut, on the other hand, has increased its count by just 6,000 since 1997, with 500 store closures at eat-in locations in the last few years.

It's not just affordable pies that have helped Domino's get to number one either — they've been notoriously quick to innovate. From being the first in the industry to offer mobile ordering options all the way back in 2007, to actively embracing and then shifting the perception that the chain served up sub-par slices; Domino’s has worked hard to stay at the top of the pizza game.

Max Knoblauch24h

Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Exclusive | Gulf Funds Agree to Back Paramount’s $81 Billion Takeover of Warner

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

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appy birthday

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The entrance of Allbirds seen from Hayes St. in San Francisco, Calif.

Allbirds, the once buzzy multibillion-dollar sneaker startup, is selling up for $39 million

That’s less than 1% of its peak market cap about four years ago.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.