Jubilant Foodworks to open 70 stores in 2011

Jubilant Foodworks, which runs Domino’s operations in India, has reported Q4 FY10 net profit at Rs104 million, up by 172.8 per cent and said it has plans to open 70 stores in 2010-11.

During the quarter, the company’s total income was Rs 1241 million as compared to Rs 743 million in Q4 FY2009.

According to the company statement, there is a huge potential for the QSR (Quick-service restaurants) segment to grow and the market dynamics are highly conducive for growth plans.

“Our plans are bearing results and it is apparent that Domino's Pizza as a brand is assuming a premier position in the food service industry in India,” said Ajay Kaul, chief executive at Jubilant Foodworks.

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

The chain has about 300 stores in the country, of which more than 230 have dine-in facilities as opposed to their strategy, globally, where the main focus is on home delivery.