Domino's Pizza (NYSE:DPZ) Still Driven by U.S. Sales

Even though Dominos Pizza (NYSE:DPZ) has been pushing hard to expand its international business, sales in the U.S. remain the main driver of the company, although international sales are starting to make a stronger impact.

Barclays said, "The 2010 Investor Day, held in conjunction with Domino's 50th anniversary celebration, was all about Int'l (36% of operating income), with presentations by its four publicly-traded franchisees (55% of the int'l store count). The Int'l segment has delivered very impressive results, with 67 consecutive quarters of positive comps. And yet the US division overshadowed Int'l in 2010, delivering the strongest comp in its (& the QSR industry) history, and effectively rejuvenated the mature pizza segment. For better or for worse, the US drives the portfolio, and looking to 2011, we expect a deceleration in comps and acceleration in cost pressures to limit stock outperformance. We believe the shares are fairly valued on P/E, while now less onerous on EV / EBITDA."

Barclays maintains an "Equalweight" on Domino's Pizza, which closed Friday at $15.40, down $0.07, or 0.45 percent. Barclays has a price target on them of $17.