DPC Dash: Domino's Is Hot In China

2025-04-03 08:00:00 ET

Summary

• DPC Dash, the exclusive operator of Domino’s Pizza in China, Hong Kong, and Macau, has grown to 1,000 stores with 30-35% annual growth.
• New management and capital from Domino’s Pizza since 2017 have driven expansion, achieving critical mass and strong brand awareness.
• Stores show impressive profitability with a payback period of 2 years on average, and less than a year in new cities.
• With a realistic pathway to 3,000 stores by 2029, DPC Dash has potential for 3x to 5x growth if execution continues.

The following segment was excerpted from the Night Watch Investment Management Q1 2025 Investor Letter. ...

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