Q1 2025 Earnings Conference Call Recaps: Domino’s Pizza (DPZ)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Domino’s Pizza’s (DPZ) Q1 2025 earnings call.
Domino’s Pizza (DPZ) is one of the world’s largest pizza delivery and carryout companies, operating over 20,000 stores across the US and over 90 international markets. The company gives valuable insight into consumer value-seeking behavior and the competitive dynamics of the quick-service restaurant (QSR) industry. DPZ grew global retail sales by 4.7% year/year despite ongoing macro headwinds, benefiting from international strength (+8.2%) and US net store growth (+17 stores). The launch of Parmesan Stuffed Crust is performing to expectations and is seen as a long-term sales driver. Domino’s will roll out its DoorDash partnership nationally by mid-2025, expected to double the size of its aggregator channel relative to Uber Eats with ~50% incrementality. Consumer pressure, especially among low-income groups, weighed on traffic. Management reiterated full-year guidance, projecting 3% US same-store sales growth weighted to the second half, and remains confident in 175 net new US store openings for 2025. On mixed results, DPZ opened 2.4% lower on 4/28 but rallied intraday to erase the loss…
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Bespoke’s Morning Lineup – 4/28/25 – A Quiet Start
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“As sure as time, history is repeating itself, and as sure as man is man, history is the last place he’ll look for his lessons.” – Harper Lee
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
After five straight weeks where the market has essentially gapped down 1% or more at the open to start a week, futures are surprisingly muted this morning, with the S&P 500 indicated to open fractionally lower (~0.10%). The subdued tone comes as there has been no change to the trade situation between the US and any of its trading partners. You can say no news is good news, but the longer we go with no news, the more anxious the market will become. In Europe, stocks are starting the week positively with the STOXX 600 up nearly half a percent, Germany and France lead the way higher, while Spain and Italy lag.
This will be an important week for economic and earnings-related news outside of trade-related news. On the earnings front, a third of the companies in the S&P 500 are scheduled to report, including Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN), and Meta (META). The pace of economic data will be just as busy. While Dallas Fed is the only report on the calendar today, on Tuesday, we’ll get Consumer Confidence for April and JOLTS for March. On Wednesday, we’ll get ADP for April and the first read of Q1 GDP, followed by jobless claims and April Manufacturing PMI for April on Thursday. Then Friday, the week closes out with the April Employment report. After all these reports, we should have a much better read on how all the uncertainty over trade has impacted the economy.
After rallying as much as 12.4% month to date and rising above $3,500 per ounce last week, gold prices have significantly pulled back in the last four trading days. This morning, the price is little changed, trading right around $3,300 per ounce. While still up nearly 6% for the month, the magnitude of the gain has been more than cut in half.
When gold last hit a 52-week high on Tuesday (4/22), it pulled back sharply lower intraday and finished the day more than 2.5% from its intraday high. Since the mid-1970s, it was just the 33rd time that its price hit a 52-week high but finished the day down more than 2.5% from the intraday high. The chart below shows every prior occurrence with a red dot. While these types of reversals were evident at prior peaks, they were also scattered throughout longer-term uptrends. The most recent occurrence before last week was almost exactly a year earlier in mid-April of last year, and we all know what gold has done since then. In other words, it’s hard to put too much significance into any one day’s reversal.
Looking at gold’s performance relative to other commodities, it certainly has been doing its own thing lately. Year to date, both gold ETFs are up over 25% and finished the week more than 8% above their 50-day moving average after pulling back from extreme overbought levels. Most other commodity-related ETFs are either down or up by mid-single-digit percentages. Gold has its reasons to rally relative to other commodities, but as it rallied above $3,500 last week, its price became extremely extended.
Brunch Reads – 4/27/25
Welcome to Bespoke Brunch Reads — a linkfest of some of our favorite articles over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
Constitutional Crisis: On April 27, 1861, as the United States teetered on the edge of disunion, President Abraham Lincoln made one of the most controversial decisions in American constitutional history: he suspended the writ of habeas corpus. Habeas Corpus is a legal safeguard against arbitrary imprisonment, allowing detainees to challenge the legality of their detention before a court. It is enshrined in Article I, Section 9 of the Constitution, which states the writ “shall not be suspended, unless when in cases of rebellion or invasion the public safety may require it.”
Facing the secession of Southern states and the outbreak of the Civil War, Lincoln authorized military commanders to arrest and detain individuals without trial in areas deemed critical to Union security, particularly in border states like Maryland. One of the most famous cases involved John Merryman, a Maryland state legislator arrested for suspected Confederate sympathies. When Supreme Court Chief Justice Roger Taney ruled that Lincoln had overstepped his authority, Lincoln simply ignored the decision, asserting that extraordinary circumstances justified extraordinary powers.
The suspension lasted throughout much of the war, especially in places under martial law. Civil liberties were suppressed, dissenters and draft resisters were jailed, and press freedom was constrained. Lincoln defended the move as a grim necessity to preserve the Union: “Are all the laws but one to go unexecuted, and the government itself go to pieces, lest that one be violated?”
Economic Trends
NY Petco selling live egg-laying female chicks for $5.99 a pop in new ‘pilot program’ as egg price crisis continues (New York Post)
Hoping to cash in on people trying to beat high egg prices, Petco just launched a wild pilot program selling $5.99 egg-laying chicks at a handful of stores. But it’s already causing a major uproar. Animal activists say clueless buyers are dumping the birds before they even lay an egg, and warn that proper care costs way more than most people realize, with abandoned chicks often dying fast without serious support. [Link]
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The Bespoke Report — We’ll Take It — 4/25/25
To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. In this week’s report, we break down the market’s action this week and what it might portend for the future. Give it a read!
Daily Sector Snapshot — 4/25/25
Q1 2025 Earnings Conference Call Recaps: Alphabet (GOOGL)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Alphabet’s (GOOGL) Q1 2025 earnings call.
Alphabet (GOOGL) is the parent company of Google and a global leader in digital advertising, search, cloud computing, AI, and hardware. Its ecosystem, including Search, YouTube, Android, Chrome, Gmail, and Google Cloud, serves billions of users and millions of businesses across the globe. The company’s technological breadth is unmatched, with deep investments in artificial intelligence, infrastructure (including subsea cables and custom chips), autonomous driving (Waymo), and life sciences (Verily). GOOGL posted 12% YoY revenue growth to $90.2B, driven by broad-based strength in Search, YouTube, and Cloud. The company spotlighted rapid AI innovation with Gemini 2.5 Pro and Flash models, and integration of AI across all 15 major products. Google Cloud revenue jumped 28%, aided by demand for AI agents and enterprise tools. AI Overviews now reaches 1.5B users monthly, helping boost commercial queries, while YouTube Shorts views grew over 20%. CapEx hit $17.2B in Q1, with a full-year target of $75B largely focused on infrastructure. Waymo scaled to 250K paid rides per week. Management also noted macro sensitivity, especially in APAC ad trends. The stock opened 3.7% higher on 4/25 after posting results that outpaced expectations…
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Q1 2025 Earnings Conference Call Recaps: VeriSign (VRSN)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers VeriSign’s (VRSN) Q1 2025 earnings call.
VeriSign (VRSN) operates the authoritative registry for .com and .net domain names, making it a critical infrastructure provider for global internet stability and security. The company plays a behind-the-scenes but essential role in ensuring domain name availability, routing, and uptime for millions of websites and digital services. Its highly reliable infrastructure gives investors insight into broader internet activity and global digital trends, especially domain usage and demand across regions like the US, EMEA, and Asia-Pacific. VRSN delivered a solid quarter, supported by 770,000 net new domain registrations and an expected renewal rate of 75.3%, up from 74.1% a year ago. The domain name base grew to 169.8 million, with trends strengthening across all major regions. The company raised its 2025 outlook, now expecting domain growth between -0.7% and +0.9%, citing improved registrar activity and early traction from new marketing programs. However, management noted continued macro uncertainty and maintained a cautious stance. Verisign also reaffirmed its intent to launch the .web domain pending resolution of ongoing legal disputes. VRSN shares rallied about 9% on 4/25 after posting mixed results and raising guidance…
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Q1 2025 Earnings Conference Call Recaps: Procter & Gamble (PG)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Procter & Gamble’s (PG) Q3 2025 earnings call.
Procter & Gamble (PG) is one of the world’s largest consumer goods companies, known for its wide-ranging portfolio of household and personal care brands including Tide, Pampers, Gillette, Crest, Oral-B, and SK-II. With operations in over 70 countries and products used in virtually every home, P&G offers unique insight into global consumer behavior, retail trends, and pricing dynamics. This quarter, P&G navigated a volatile global landscape marked by weak consumer confidence in the US and Europe, elevated geopolitical tension in the Middle East, and tariff-related cost headwinds of $1B–$1.5B. Organic sales rose 1% globally, with strong results in Latin America (+6%) and modest declines in Greater China (-2%). Innovation remained a bright spot, with new launches like Tide evo and Oral-B iO2 driving share gains. The company doubled down on brand superiority while also warning of a wide range of potential outcomes for Q4 given soft consumption trends, inventory shifts, and the impact of tariffs on input costs and pricing strategy. The stock fell as much as 5.4% on 4/24 after the mixed results…
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Q1 2025 Earnings Conference Call Recaps: MarineMax (HZO)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers MarineMax’s (HZO) Q2 2025 earnings call.
MarineMax (HZO) is the largest recreational boat and yacht retailer in the United States, operating through a network of retail dealerships, marinas, and service centers. The company sells new and used recreational boats, from pontoons to superyachts, and generates additional revenue through financing, insurance, and high-margin marina services. HZO’s acquisition of IGY Marinas expanded its global reach in the superyacht marina industry, offering access to premier destinations like the Mediterranean and Caribbean. Despite ongoing softness in retail boat demand and heightened tariff uncertainty, HZO delivered record March quarter revenue of $631M (+8.3% YoY) and 11% same-store sales growth, driven by aggressive promotions and a mix shift toward higher-priced boats. However, that mix skew and discounting led to historically low boat margins. While the company cut full-year guidance due to economic uncertainty, it highlighted resilience in high-margin segments like marinas and superyacht services, which helped keep YTD gross margin nearly flat. On better-than-expected results, the stock surged 17.4% on 4/24…
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Back to Where We Started (Almost)
April has been one of the most volatile months in market history, and as we head into the final days of the month next week, equities have returned almost to where they were in late March. Whether the market can build up enough momentum to break above resistance just under 5,500 remains to be seen, but so far it’s been quite a round trip over the last month or so.
Just like equities, the US Treasury market has been volatile. Despite all the concerns of a mass exodus out of the Treasury market, the 10-year yield is also around the same levels it traded at in late March.
While stocks and bonds have made a lot of noise with little to show for it, the dollar has maintained its downhill path. After peaking in early January, the US Dollar Index lost about 5% through late March, and Liberation Day only accelerated the slide. Since late March, we’ve seen an additional decline of nearly 5%, taking the Dollar Index to 52-week lows.
The dollar’s slide plays right into the hands of what the Administration seems to want. Stephen Miran, the Chairman of the White House Council of Economic Advisers, has actively advocated for a weaker dollar to reduce the trade deficit and make US exports more competitive. In his 41-page essay “A User’s Guide to Restructuring the Global Trading System”, Miran outlines his thesis about how to address the economic imbalances resulting from the dollar’s overvaluation due to its role as the world’s reserve currency. Miran endorses the idea of tariffs as one useful tool of several to help re-engineer global trade. The key to success, though, would hinge on execution as Miran concludes with the observation: “There is a path by which the Trump Administration can reconfigure the global trading and financial systems to America’s benefit, but it is narrow, and will require careful planning, precise execution, and attention to steps to minimize adverse consequences.” Maybe the sequence of events since Liberation Day was part of some orchestrated plan, but there has seemingly been nothing ‘careful’ or ‘precise’ about any of it.
