Domino’s is well positioned, ranked #1 in both pizza delivery (32% share) and carryout (19% share) with a 40% domestic system sales share among the top 4 players. This iconic brand is well known for its: digital ordering convenience & seamless payments (which represents a key advantage relative to smaller competitors who are a source of past market share gains); compelling everyday value offers; and fast delivery. However, Domino’s currently seeks to reposition towards the lower-cost carryout channel because of material headwinds in pizza delivery sales. In any case, Domino’s has always been focused on feeding a family at a reasonable price and its promotional deals drive the majority of its sales (revealing the price sensitivity of its customer base) built around everyday value price points that include: a $7.99 3 topping pizza carry-out deal; and a 2 for $6.99 each mix-and-match deal. Two-thirds of its 2022 global retail sales were driven by digital channels (supported by its 30MM+ member Piece of the Pie Rewards program) and its check outperformance reflects large digital group orders as well as higher margin add-on sales. All-the-same, it is notable that Domino’s recent comps have been underwhelming because of its delivery challenges and current sales headwinds also include: a strategy to avoid DSP partnerships; an ongoing rebound for dine-in sales; and strong competition from Papa John’s, Pizza Hut & Little Caesar’s. Top-line weakness has translated into a stressed store-level EBITDAR margin which is pressured by high food & labor costs combined with a relatively high ad contribution requirement. In conclusion, the material momentum Domino’s developed as the unofficial food of covid is currently on hold as the chain waits for a recovery of its core lower-income demo.