‘Myer liar’ to do 400 hours community service; Domino’s profits jump 40%: Midday Roundup

‘Myer liar’ to do 400 hours community service; Domino’s profits jump 40%: Midday Roundup

The Myer executive fired for his misleading CV has escaped a prison sentence and will instead serve 400 hours of unpaid community work.

Dubbed the ‘Myer Liar’, Andrew Flanagan last week pleaded guilty to deception charges in a County Court case.

Flanagan conned his way into three high-paying jobs, including a role as group general manager of strategy at Myer in a role that paid $400,000 a year.

Nine News reports Victorian County Court Judge Gerard Mullaly ordered Flanagan to serve a three-year community corrections order, which includes 400 hours of unpaid work, as well as undertake alcohol and mental health treatment.

Judge Mullaly warned Flanagan he could end up in jail if he breaches any of the conditions of the order.

Domino’s profits jump 40% on the back of tech investment

Domino’s pizza chain has unveiled stellar results for the 2015 financial year, with net profit after tax jumping by 40% to $64 million.

Domino’s shareholders will be pleased, with the ASX-listed chain also revealing it will pay a fully-franked dividend of 27.2 cents in September, bring the company’s total dividends for the year to 51.8 cents. This compares to 41.1 cents the year before.

In a statement to the market, Domino’s attributed the results to its ongoing investment in technology, including its Pizza Mogul platform and its Live Pizza Tracker, and a rise in digital and lunchtime sales.

Same-store sales for the chain grew by 11.3%, with Domino’s also opening 59 new stores in the period. Revenue for the year totalled $702.4 million, up from $588.7 million the year before.

Shares follow slump in Chinese currency

The local share market fell this morning on the back of poor corporate earnings reports and more bad news out of China because of the yuan’s slump.

Michael McCarthy, chief market strategist at CMC Markets, said investors were looking at welcome relief in trading today however, “as seller exhaustion gives way to a strong buying impulse”.

The S&P/ASX200 benchmark was down 0.5%, falling 28.7 points to 5480.5 points at 11.55am AEST. On Monday, the Dow Jones closed up 1.39%, rising 241.79 points to 17615.2 points.

 

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