Russell Weiner: Yes. I think really, the – when you think about 2024, you should think about the actions we’ve taken over the last couple of years, which includes the pricing we took on our Mix & Match. And while we’re always going to look at pricing and if there are ways to optimize it, I think it’s reflective in the franchisee EBITDA, that the pricing we took last year was the right thing to do. And it’s something that, again, as reflected in their EBITDA is something that we continue to do next year. I’m so excited about pricing even through these tougher economic times. Again, we’ll look at things if we need to change it, but I feel pretty bullish that this level of pricing is actually going to just be more of a relative value for customers as we get into next year.
As far as Emergency Pizza, look, we always have the – there’s always advertising we do and always has a promotional price or some kind of promotional effort. Again, I’m really excited about the kind of feedback we’re hearing both from you and from customers because the takeaway is, Wow, this is a lot of value. And it is a lot of value, but it’s no more value than we’ve traditionally done in prior promotion. What it means and kudos to our marketing department is these ideas are breaking through.
Operator: Thank you. One moment for next question And our next question comes from the line – and this will be our final question for today comes from the line of Jeffrey Bernstein from Barclays. Your question, please.
Jeffrey Bernstein: Great. Thank you very much. Russell, just wondering if you could talk a little bit about the broader pizza segment, it does seem like over the past year, we were talking a lot about maybe customer fatigue, post-COVID and the consumer is keen to get out again. I’m just wondering if you could talk about where you think we are in that spectrum, maybe the current category performance versus Domino’s. And if you could just remind us looking back to past slowdowns, the performance of delivery versus carryout in prior downturns, I think most investors are expecting maybe a consumer slowdown going into 2024. So I’m just wondering how you’re – two components of your business have historically performed in that type of environment? Thank you.
Russell Weiner: Yes, sure. Let me first talk about the pizza segment. And historically, it’s been a one, 1.5-point growth category. I don’t expect that to change significantly. What’s been great about Domino’s Pizza is when you look at that category, we’ve been able to by far grow the biggest share amongst that. And so I think the growth of the category is going to continue. What’s nice when you think about the pizza category is 40 plus percent of it, a little more in carryout than delivery, is on regionals and independents, folks who really don’t have the scale in advertising or supply chain or store growth or advertising spending that we do. And so if that pizza kind of growth kind of continues that where it is, then there’s no reason that we can’t continue to lean in and gain share.
It’s – we’ve done it before and we’ll do it again. As far as downturns, I mean, the last big downturn I remember coming out of was 2009 when we launched our new inspired pizza. And obviously, you saw what came out of that, which is growth both in the carryout and delivery standpoint. I think we’re going to continue to see what we’ve been seeing. And we’ve been talking about folks down switching into the pizza category, down switching into value, this is going to happen I think a lot more in carryout than this delivery because delivery will also have some health switching, right? Delivery – there’s delivery fees, there’s – there are tips, there are things that it caused that channel to be a little bit more expensive. So I think we will see down switching at both, probably a little more out switching to eating at home for delivery.
But the beauty for us is while that’s happening, we’re opening up to the Uber platform. And that platform has customers that are higher income customers in delivery. And so if there is a slowdown in that, we’re now opening ourselves to a platform that really has a little bit more elasticity in that place. So no matter what the economics look like next year, I think both on the carryout and the delivery business, we’re going to be a really good place.
Operator: Thank you. This does conclude the question-and-answer session of today’s program. I’d like to hand the program back to Russell for any further remarks.
Russell Weiner: Well, we appreciate talking to everybody today and we look forward to seeing you at our Investor Day either live or via video on December 7. Looking forward to it. Take care.
Operator: Thank you, ladies and gentlemen for your participation in today’s conference. This does conclude the program. You may now disconnect. Good day.
