<SEC-DOCUMENT>0001193125-16-425097.txt : 20160210
<SEC-HEADER>0001193125-16-425097.hdr.sgml : 20160210
<ACCEPTANCE-DATETIME>20160108172029
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-425097
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOMINOS PIZZA INC
		CENTRAL INDEX KEY:			0001286681
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
		IRS NUMBER:				382511577

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		30 FRANK LLOYD WRIGHT DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48106

	MAIL ADDRESS:	
		STREET 1:		30 FRANK LLOYD WRIGHT DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48106
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;8, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: &nbsp;Mara L. Ransom, Assistant
Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Charlie Guidry, Staff Attorney </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">SEC Comment Letter dated December&nbsp;28, 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Domino&#146;s Pizza, Inc.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Form 10-K for Fiscal Year Ended December 28, 2014</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Filed February 24, 2015</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Definitive Proxy Statement on Schedule 14A</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Filed March 12, 2015</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">File No. 001-32242</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of Domino&#146;s Pizza, Inc., a Delaware corporation (the &#147;Company&#148;), please find the Company&#146;s response to the comment letter to Jeffrey D. Lawrence, Chief Financial Officer of the Company, dated December&nbsp;28, 2015 from
the Staff of the Securities and Exchange Commission (the &#147;Commission&#148;) relating to the above-referenced Form 10-K (the &#147;2014 10-K&#148;) and Definitive Proxy Statement (the &#147;Proxy Statement&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For reference purposes, the Staff&#146;s comment as reflected in the Staff&#146;s letter of December&nbsp;28, 2015 (the &#147;Staff Letter&#148;), is
reproduced in bold text in this letter, and the corresponding response of the Company is shown below the comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 10-K for Fiscal Year Ended
December&nbsp;28, 2014 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Business </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Third-Party Suppliers, page 6 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><B>We note that you have a single supplier of cheese for your US operations. Please tell us what consideration you gave to including a risk factor
that discusses the risks, costs, and potential effect on revenue associated with being so situated, including what effect </B></P></TD></TR></TABLE>

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<TD ALIGN="left" VALIGN="top"><B>
a partial or complete default by the supplier would have. We note, on page 6, the disclosure that the replacement costs would not be material. We also note, on page 12, the risk factor discussing
suppliers and the risk factor discussing interruption of your supply chain generally. </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>RESPONSE TO COMMENT 1 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and, in response, intends to include the following additional disclosure in its risk factors commencing with
the risk factors to be included in the Company&#146;s Annual Report on Form 10-K for the fiscal year ended January&nbsp;3, 2016 (new language in bold and underline): </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Shortages or interruptions in the supply or delivery of fresh food products could adversely affect our operating results. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We and our franchisees are dependent on frequent deliveries of fresh food products that meet our specification. <B><U>In addition, the Company has single
suppliers or limited number of suppliers for certain of its ingredients, including pizza cheese. While the Company believes there are adequate reserve quantities and potential alternative suppliers, </U></B>shortages or interruptions in the supply
of fresh food products caused by unanticipated demand, problems in production or distribution, financial or other difficulties of suppliers, inclement weather or other conditions could adversely affect the availability, quality and cost of
ingredients, which could adversely affect our operating results.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s disclosure on page 6 of its 2014 10-K states that the Company
would incur additional costs if the Company is required to replace any of its suppliers, but that the Company believes that such additional costs would not have a material adverse effect on its business. The Company notes that it has a long-term
pricing arrangement with its current domestic pizza cheese supplier, with mandated delivery requirements to help mitigate the risk that the supplier fails to deliver the necessary supply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Company&#146;s domestic pizza cheese supplier maintains an average of more than 12 frozen storage warehouses (including plants and public
warehouses) that are strategically positioned around the United States. Absent a catastrophic event affecting multiple storage warehouses that would make the cheese supply at these storage warehouses unavailable or damaged, the Company would still
be able to access cheese from the other storage facilities, which the Company believes would be adequate for its business needs. None of the frozen storage warehouse locations used by the Company&#146;s domestic pizza cheese supplier maintains more
than 26% of the Company&#146;s weekly cheese requirements at any one time. Further, the Company&#146;s domestic pizza cheese supplier has, over the past two years, averaged 9.9 weeks of total required cheese inventory on hand, and an additional 3.3
weeks of total required cheese inventory in transit. While the need to obtain cheese from alternative storage warehouse locations in the event that one or more of the storage warehouses became damaged or unavailable may result in increased
distribution costs, the Company does not believe that any such increased distribution costs would be material to the Company&#146;s business. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company believes that, if necessary, it could obtain readily available alternative sources of supply for
pizza cheese. For example, there are some alternate suppliers in North America who provide pizza cheese to Domino&#146;s Pizza stores in Canada and Mexico, as well as cheese producers who currently provide cheeses other than pizza cheese (such as
provolone, cheddar and feta) to the Company in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the Company may incur additional costs in obtaining pizza cheese from an
alternative source of supply, the Company does not believe that such additional costs would be material to its business. Further, the Company generally passes along any increase in food costs, including pizza cheese costs, to its franchisees, which
could mitigate the impact to the Company of an increase in pizza cheese cost associated with switching suppliers. In fiscal 2014, the Company purchased approximately $323 million of pizza cheese for its domestic operations and the costs of this
pizza cheese was passed on to the Domino&#146;s Pizza stores in the United States (approximately 92% of which are owned and operated by franchisees) at a constant dollar margin. As a result, the Company&#146;s supply chain margins would be expected
to remain unchanged, even if its cost of pizza cheese increased. The Company includes the following disclosure regarding the impact of changes in cheese prices on its revenue and cost of sales (and describes its fixed dollar margin on cheese) in the
description of its Supply Chain segment revenue and operating margin within its Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations on page 30 of the Company&#146;s 2014 10-K: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Changes in U.S. cheese prices increased both revenues and costs by $33.0 million in 2014. If the 2014 U.S. cheese prices had been in effect during 2013,
the supply chain operating margin as a percentage of supply chain revenues would have decreased by 0.3 percentage points. However, the dollar margin would have been unaffected.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Company has included the following sensitivity analysis relating to the impact of changes in pizza cheese prices on its Company-owned stores
food costs in the risk factor titled &#147;<I>Increases in food, labor and other costs could adversely affect our profitability and operating results</I>,&#148; which appears on page 12 of the Company&#146;s 2014 10-K: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The cheese block price per pound averaged $2.13 in 2014, and the estimated increase in Company-owned store food costs from a hypothetical $0.25 adverse
change in the average cheese block price per pound would have been approximately $2.2 million in 2014.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Definitive Proxy Statement on Schedule
14A </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Compensation Discussion and Analysis </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Long-Term Incentives </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Performance Shares,
page 25 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>In future filings, please disclose the performance metric used in determining whether to award performance shares under your 2004 Equity Incentive Plan. See Item&nbsp;402(b) of Regulation S-K. Please provide us with
a sample of your proposed disclosure. </B></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>RESPONSE TO COMMENT 2 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company confirms that in future filings it will disclose the performance metric used in determining whether to award performance shares under its 2004
Equity Incentive Plan. The Company&#146;s proposed disclosure is as follows (which is expected to be included in the first paragraph of the Performance Shares subsection in the Long-Term Incentive section of the Company&#146;s Compensation
Discussion and Analysis): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;For performance shares granted in 2015 and prior, the measurement of performance established by the Compensation
Committee was segment income as defined by the Company under ASC 280, with certain adjustments (the same &#147;adjusted net segment income&#148; used by the Company for annual performance incentives). The performance shares for each named executive
officer vest only in the event that the Company achieves at least 85% of the annual performance target (with no additional performance shares granted for performance above 85% of the annual performance target). Beginning January&nbsp;4, 2016, the
required achievement percentage for vesting of all future performance share grants will be 90% or more of the annual performance target (with no additional performance shares granted for performance above 90% of the annual performance target).&#148;
</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please be advised that, in connection with the Staff&#146;s comments in the Staff Letter and the
Company&#146;s responses thereto, the Company hereby acknowledges the Staff&#146;s position that (i)&nbsp;the Company is responsible for the adequacy and accuracy of the disclosure in the above-referenced filings; (ii)&nbsp;the Staff&#146;s comments
or changes to disclosure in response to the Staff&#146;s comments do not foreclose the Commission from taking any action with respect to the filings; and (iii)&nbsp;the Company may not assert the Staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope that the foregoing has been responsive to the
Staff&#146;s comments. If you have any questions about this letter or require further information, please contact the undersigned at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">734-930-3205.</FONT></FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>DOMINO&#146;S PIZZA, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Jeffrey D. Lawrence</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jeffrey D. Lawrence</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief&nbsp;Financial&nbsp;Officer&nbsp;and&nbsp;Executive&nbsp;Vice&nbsp;President</P></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
