Stocktake: Australian Consumer Primer for 21 July 2026 – Domino’s Pizza, Treasury Wine, Kmart

Research evidence excerpt

Stocktake: Australian Consumer Primer for 21 July 2026 – Domino’s Pizza, Treasury Wine, Kmart

J P M O R G A N Asia Pacific Equity Research

21 July 2026

Stocktake

Australian Consumer Primer for 21 July 2026 –

Domino’s Pizza, Treasury Wine, Kmart

ACKey themes we are exploring today: AustralianBryan RaymondConsumer Sector

(61-2) 9003-6750

• Domino’s US calls out soft DPE sales growth and a need to return to order bryan.raymond@jpmorgan.com

count growth. DPZ’s International business saw SSSg of -0.1% in 2Q26, Christina Kim

(61-2) 9003-7082

dragged down by DPE, as well as macro and geopolitical uncertainty. DPZ christina.kim@jpmorgan.com

CFO Sandeep Reddy: “DPE was definitely a drag on our SSS because their J.P. Morgan Securities Australia Limited

performance continues to be impacted by the approach that their management

have already talked about which is they’ve actively decided to reduce the

lower-margin transactions. As a result of that, we’ve had a reduction in order

counts where the ticket increase has not been able to compensate for it, and that

same-store sales drag that they’ve experienced impacts us pretty material.”

Russell Weiner: “[DPE’s] new CEO, Andrew Gregory, is going to be starting

in August. We’re really looking forward to working with Andrew. He’s got 30

years in the restaurant business, a majority of those with McDonald’s. And

what we’re going to be focusing on is an initial reboot on the profit side at the

expense of orders. We think, I think they think as well, now we need to go in

with the right kind of value to recapture order counts. It’s important for folks

to remember that with DPE, yes, there are some struggles going on right now

and some of them are purposeful, resetting kind of the profit piece here. But