Domino’s new delivery partnership with Uber Eats and Postmates has already produced a 10% jump in its shares in the stock market.
The pizza chain’s shares saw an uptick Wednesday after it announced its deal with both delivery services earlier in the week, according to Reuters. The stock fell a fraction Thursday morning.
Four pilot markets in the U.S. will begin delivering through Uber Eats this fall, with the service agreeing to be the exclusive third-party platform for Domino’s until at least 2024. “Now that aggregators are at scale, the next logical marketplace for us to enter is order aggregation,” Domino’s CEO Russell Weiner said in a statement to CNN.
Mr. Weiner added that the partnership with both services will bring a “meaningful amount of incremental delivery orders once it’s widely available.” The CEO was a vocal holdout of partnering with the delivery firms as recently as last year. He argued then that the services charge commission fees and don’t help labor issues.The pizza chain reported a 2% year-over-year decline in deliveries during its most recent earnings call in April. The company will hold its second-quarter earnings call July 24.
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Domino’s customers can soon order pizzas on Uber Eats, PostmatesOrdering on Uber’s delivery apps is expected to be enabled across the US by the end of 2023, with Domino’s and its franchisees handling deliveries, the company said.
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Domino’s Pizza partnering with Uber Eats to make deliveries, stock jumps 11%Domino’s CEO Russell Weiner said in a statement that third-party delivery operators have reached such a large scale that it makes sense for Domino’s to partner with them. Weiner said Uber Eats will provide access to new customers for Domino’s.
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Domino’s Pizza to offer delivery via Uber EatsThe company will do a test in four pilot markets in the fall and is expecting to roll out the service across the country by the end of 2023.
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Extra Extra: Uber Eats will be getting a piece of Domino's pieDomino's has come around to delivery apps, so here are your evening links: — Attention paella lovers: Massive paella block party in Brooklyn this weekend — A pilot program in the Bronx will allow doctors to “prescribe” produce for families in need. + more!
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Domino's to start using Uber for food orders, shares surgeDomino's Pizza shares surged 10% on Wednesday after the chain said customers can start using Uber's Uber Eats and Postmates apps for orders, as it tries to jolt its sluggish delivery business.
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