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Domino's Pizza Group PLC (LSE:DOM) shares rose 4% to 190.32p after the takeaway chain reported first-quarter like-for-like (LFL) sales growth of 4.5%, well ahead of Peel Hunt's full-year assumption of 2%, with momentum described as consistent across January, February and March. LFL orders rose 0.9%, total orders grew 2.3% and total sales increased 5.8%, implying LFL price growth of approximately 3.5% and net expansion of 1.4% after store splits. Peel noted the growth was broad-based and not dependent on new product launches. With average spend per head of around £10, and 99% of orders typically comprising bundle deals, the broker said Domino's value proposition against the more labour-intensive restaurant sector continues to strengthen. On costs, the company said energy and purchasing costs are hedged for the year, with labour cost inflation slowing in April. Peel is holding its 2026 forecasts, which assume 2% LFL sales growth, 3.7% total system sales growth, 25 new store openings and stable margins. The broker said margins should benefit from improving LFL sales, ongoing supply chain automation and the new franchisee agreement entering its second year, the first-year negative margin impact having been absorbed in 2025. Peel identified several tailwinds for the remainder of the year, including favourable weather comparatives, the FIFA World Cup, the rollout of the Chick N' Dip product and the new Italiano range, with a loyalty programme launch to follow. The broker said continued LFL sales momentum should support a re-rating from a current price-to-earnings multiple of around 10 times, and reiterated its buy recommendation and 275p target price.
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