Consumer BehaviorYr/Yr growth will slow when DPZ starts lapping heavy US promo windows, ad spending normalizes, and there is risk of consumer fatigue around everyday value/Rewards advertising.
EarningsDPZ's unchanged 2024 margin guidance is keeping a lid on near-term earnings estimates, making valuation metrics look somewhat extended following the year-to-date strength in the shares.
International PerformanceThere is low conviction in Q1 comps forecast for International due to management's subdued tone and increased macro pressures outside the U.S.