Shares in Australia’s Domino’s Pizza (ASX:DMP) rose by 6.8% to A$51.31, marking its most significant intraday percentage gain since November 2022.

Despite reporting a full-year net profit of A$40.6 million, a 74.4% decrease from the previous year, analysts maintain a positive outlook for the pizza chain.

Domino’s Pizza, while missing market expectations, is optimistic about the benefits to be reaped from its restructuring initiatives.

The company anticipates these actions will deliver network savings ranging from A$80 million to A$94 million in fiscal year 2025.

Notably, DMP is implementing a cost reduction plan which Jefferies has said will be beneficial for profit metrics into the fiscal year 2024.

Of 14 analysts reviewing the stock, five rated it as ‘buy’ or higher, six recommended ‘hold’, while the remaining three suggested ‘sell’ or lower, as per Refinitiv data.

The median PT for the stock is A$51.20.

Although the stock has declined by 27.5% this year, there is still positive sentiment in the market.

Domino’s Pizza is an Australia-based company known primarily for its wide range of pizzas.