Don Meij, chief executive of Domino’s Pizza Enterprises, wasn’t his normal, ebullient self on Tuesday morning as he announced a plan to shut stores, slice costs and restructure operations amid an earnings slump that shows little sign of ending.

Meij attempted to portray the news as “designing the Domino’s Pizza Enterprises for the future”, arguing it was the natural evolution of a business that has 50 per cent more stores than it did before the pandemic.