Brands
ITC names Amitabh Kant independent director, Hemant Malik as director
MUMBAI: ITC Ltd has appointed Amitabh Kant as an independent director for a five-year term from 1 January 2026, while reappointing Hemant Malik as whole-time director for a further two years from August 2026, following shareholder approval.
Kant, a former IAS officer and India’s G20 sherpa during the country’s 2022–23 presidency, brings more than four decades of public-policy and governance experience to the ITC board. A noted reformer and author, he has previously led Niti Aayog and served in senior roles spanning industrial policy, infrastructure and tourism. He currently sits on the boards of HCL Technologies, Larsen & Toubro and InterGlobe Aviation.
Malik, divisional chief executive of ITC’s foods business and overseer of its personal care portfolio, has been with the company for over 35 years. He is widely credited with building marquee FMCG brands such as Aashirvaad, Sunfeast, Bingo! and Yippee!, and with shaping ITC’s trade marketing and distribution engine.
Brands
Domino’s Q1 profit falls 6.6 per cent, announces $1 billion buyback
Sales rise 3.4 per cent as pizza giant balances growth and shareholder returns
NEW YORK: Domino’s reported a mixed start to 2026, with first-quarter net income slipping even as global sales and store expansion held steady. The company also announced a fresh $1 billion share buyback, underlining its continued focus on shareholder returns.
Global retail sales rose 3.4 per cent on a constant-currency basis to $4.74 billion. The US remained a key growth engine, with same-store sales inching up 0.9 per cent, supported by a 1.5 per cent rise at company-owned outlets.
International markets, however, painted a more uneven picture. While Domino’s added 161 net new stores overseas during the quarter, international same-store sales declined 0.4 per cent. Overall revenues still climbed 3.5 per cent to $1.15 billion, driven by higher supply chain revenues and a 2.6 per cent increase in food basket pricing for franchisees.
On the profitability front, net income fell 6.6 per cent to $139.8 million, compared to $149.7 million a year earlier. Diluted earnings per share dropped to $4.13 from $4.33. The decline was largely attributed to a $30 million unfavourable swing in unrealised gains linked to its investment in DPC Dash Ltd.
Despite this, operational performance showed resilience. Income from operations rose 9.6 per cent to $230.4 million, supported in part by a $7.8 million pre-tax gain from the sale of a corporate aircraft.
Domino’s footprint continued to expand, with the company ending the quarter at 22,322 stores across more than 90 markets. In the US, digital orders remained dominant, accounting for over 85 per cent of retail sales in 2025.
The company also maintained its dividend payout, declaring $1.99 per share, payable on 30 June 2026. After repurchasing $75.1 million worth of stock during the quarter, the new authorisation lifts the total available for buybacks to $1.29 billion.
Domino’s chief executive officer Russell Weiner said the company’s scale and store-level economics position it well to capture further market share in 2026, even as competition intensifies.
As Domino’s leans into expansion and capital returns, the latest results show a business managing short-term pressures while keeping its long-term growth strategy firmly in play.
