With an 85% digital sales mix, a strong loyalty program and a rapidly growing takeout business, Domino’s appears well-positioned to navigate a turbulent industry environment. The company has gained 210 basis points of market share in the quick service pizza restaurant category since 2018. According to Euromonitor data, its share of global sales will rise to 20.2% by 2023. While we expect a challenging few quarters, with signs of consumer declines and declining traffic across the industry, we see the company’s long-term emphasis on defending franchisee profits, supporting its growing transportation business , strengthening the technical infrastructure and building market-level retail density (strengthening) as sensible.