Domino’s goes cold as more directors sell off stakes amid weakened profits
Shares in Domino’s Pizza have lost 7.5 per cent on the news two prominent directors and company shareholders sold shares in the company late last Friday.
Nigel Wray, non-executive director and once a holder of just under 30 per cent of the company, has sold his remaining three per cent stake for 570p per share, or £28m. This is enough to buy 1.9m large original cheese and tomato stuffed crust pizzas or 8.0m helpings of dough balls.
At the same time, chairman Stephen Hemsley sold 600,000 shares at the same price for £3.42m. This comes just one week after chief financial officer Lee Ginsberg sold 70,000 shares for 578p per share, or £404,600.
The sell-off is coming as the company starts to falter after a long period of uninterrupted growth. Last week, the company reported a 46 per cent fall in first half profits due to poor growth in its UK business and slow German expansion.