Soaring costs take bite out of Domino’s profits but Greggs savours rise in sales of cheaper treats

‘It is tough out there for our customers’

Greggs’ half-year profits leapt 27 per cent (Getty)

Soaring prices and squeezed households budgets have led to a slump in half-year profits at Domino’s Pizza – but a jump in sales for value bakery chain Greggs.

The UK pizza chain reported a 16.3 per cent drop in underlying pre-tax profits to £50.9m for the six months to 26 June after taking a hit from soaring costs despite raising prices for franchisees and introducing a delivery fee.

The company is banking on a boost from the football World Cup at the end of the year.