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                                                                    EXHIBIT 99.1

                                  RISK FACTORS

          This Annual Report on Form 10-K includes various forward-looking
statements about Domino's that are subject to risks and uncertainties.
Forward-looking statements include information concerning future results of
operations, and business strategy. Also, statements that contain words such as
"believes," "expects," "anticipates," "intends," "estimated" or similar
expressions are forward-looking statements. We have based these forward looking
statements on our current expectations and projections about future events.
While we believe these expectations and projections are reasonable, such
forward-looking statements are inherently subject to risks, uncertainties and
assumptions about us, including the following factors. We undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. In light of these
risks, uncertainties and assumptions, the forward-looking events discussed in
this Annual Report on Form 10-K might not occur.

RISKS RELATING TO OUR BUSINESS AND INDUSTRY

          The pizza delivery channel is highly competitive, and increased
competition could adversely affect our operating results.

          We compete in the United States against two national chains, as well
as many regional and local businesses. We could experience increased competition
from existing or new companies in the pizza delivery channel, which could create
increasing pressures to grow our business in order to maintain our channel
share. If we are unable to maintain our competitive position, we could
experience downward pressure on prices, lower demand for our products, reduced
margins, the inability to take advantage of new business opportunities and the
loss of channel share, which would have an adverse effect on our operating
results.

          We also compete on a broader scale with quick service and other
international, national, regional and local restaurants. The overall food
service market and the quick service restaurant sector are intensely competitive
with respect to food quality, price, service, convenience and concept, and are
often affected by changes in:

          .    consumer tastes;
          .    national, regional or local economic conditions;
          .    currency fluctuations to the extent international operations are
               involved;
          .    demographic trends; and
          .    disposable purchasing power.

          We compete within the food service market and the quick service
restaurant sector not only for customers, but also for management and hourly
employees, suitable real estate sites and qualified franchisees. Our domestic
distribution segment is also subject to competition from outside suppliers. If
other suppliers were to offer lower prices or better service to our franchisees
for their ingredients and supplies and, as a result, our franchisees chose not
to purchase from our domestic distribution centers, our results of operations
and financial condition would be adversely affected.

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          If we fail to successfully implement our growth strategy, which
includes opening new domestic and international stores, our ability to increase
our revenues and operating profits could be adversely affected.

          A significant component of our growth strategy is opening new domestic
and international franchise stores. We and our franchisees face many challenges
in opening new stores, including, among others:

          .    selection and availability of suitable store locations;
          .    negotiation of acceptable lease or financing terms;
          .    securing required domestic or foreign governmental permits and
               approvals; and
          .    employment and training of qualified personnel.

          The opening of additional franchise stores also depends, in part, upon
the availability of prospective franchisees who meet our criteria. Our failure
to add a significant number of new stores would adversely affect our ability to
increase revenues and operating income.

          We are currently planning to expand our international operations in
markets where we currently operate and in selected new markets. This may require
considerable management time as well as start-up expenses for market development
before any significant revenues and earnings are generated. Operations in new
foreign markets may achieve low margins or may be unprofitable and expansion in
existing markets may by affected by local economic and market conditions.
Therefore, as we expand internationally, we may not experience the operating
margins we expect and our revenues and earnings may be negatively impacted and
our common stock price may decline.

          We may also pursue strategic acquisitions as part of our business. If
we are able to identify acquisition candidates, such acquisitions may be
financed, to the extent permitted under our debt agreements, with substantial
debt or with potentially dilutive issuances of equity securities.

          The food service market is affected by consumer preferences and
perceptions. Changes in these preferences and perceptions may lessen the demand
for our products, which would reduce sales and harm our business.

          Food service businesses are affected by changes in consumer tastes,
national, regional and local economic conditions, and demographic trends. Our
sales could also be affected by changing consumer tastes. For instance, if
prevailing health or dietary preferences cause consumers to avoid pizza in favor
of foods that are perceived as more healthy, our business and operating results
would be harmed. Moreover, because we are primarily dependent on a single
product, if consumer demand for pizza should decrease, our business would suffer
more than if we had a more diversified menu, as many other food service
businesses do.

          Increases in food, labor and other costs could adversely affect our
profitability and operating results.

          An increase in our operating costs could adversely affect our
profitability. Factors such as inflation, increased food costs, increased labor
and employee benefit costs and increased energy costs may adversely affect our
operating costs. Most of the factors affecting costs are beyond our control and,
in many cases, we may not be able to pass along these increased costs to our
customers or franchisees. Most ingredients used in our pizza, particularly
cheese, are subject to significant price fluctuations as a result of
seasonality, weather, demand and other factors. Labor costs are primarily a
function of the minimum wage and availability of labor. Cheese and labor
represent a significant percentage of a typical store's costs.

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          Our substantial indebtedness could adversely affect our financial
health and limit our ability to plan for or respond to changes in our business.
In addition, we are permitted to incur more debt in the future, which could
aggravate the risks described below.

          To finance our 1998 recapitalization, we incurred a significant amount
of indebtedness and we are currently highly leveraged. As of December 29, 2002,
our total debt was $602.0million. The terms of the indenture relating to our
senior subordinated notes permit us to incur substantial indebtedness in the
future, including up to an additional $100 million under our revolving credit
facility. As of December 29, 2002, we had approximately $82 million available
under the revolving credit facility for future borrowings, subject to covenant
compliance, and we had approximately $18 million outstanding under letters of
credit. Our ability to make payments on and to refinance our indebtedness will
depend on our ability to generate cash in the future, which is subject to
general economic, financial, competitive, legislative, regulatory and other
factors that are, to some extent, beyond our control. In addition, because some
of our debt obligations are subject to variable interest rates, we are sensitive
to fluctuations in interest rates and any significant increase in interest rates
could negatively affect our results of operations and financial condition.

          Our business may not generate sufficient cash flow from operations,
and future borrowings may not be available to us under our revolving credit
facility in amounts sufficient, to enable us to pay our indebtedness or to fund
our other liquidity needs. If we cannot generate sufficient cash flow from
operations to pay our indebtedness when due, we may need to refinance all or a
portion of our indebtedness on or before maturity, sell assets, delay capital
expenditures, or seek additional equity. We may not be able to refinance any of
our indebtedness on commercially reasonable terms or at all.

          Our substantial indebtedness could have other important consequences.
For example, it could:

          .    limit our flexibility in planning for, or reacting to, changes in
               our business and the industry in which we operate, thereby
               potentially placing us at a competitive disadvantage compared to
               our competitors, many of whom currently operate on a less
               leveraged basis and have significantly greater operating and
               financing flexibility than we do; and
          .    have a material adverse effect on us if we fail to comply with
               the covenants in the agreements governing our indebtedness
               because such failure could result in an event of default which,
               if not cured or waived, could result in a substantial amount of
               our indebtedness becoming immediately due and payable..

          Our leverage, and the restrictions on our operations described above,
may materially and adversely affect our ability to finance our future operations
or capital needs or to engage in other business activities.

          We face risks of litigation from customers, employees and others in
the ordinary course of business, which diverts our financial and management
resources. Any adverse litigation or publicity may negatively impact our
financial condition and results of operations.

          Claims of illness or injury relating to food quality or food handling
are common in the food service industry. In addition, class action lawsuits have
been filed, and may continue to be filed, against various QSRs alleging, among
other things, that QSRs have failed to disclose the health risks associated with
high-fat food products and that QSR marketing practices have encouraged obesity.
In addition to decreasing our sales and profitability and diverting our
management resources, adverse publicity or a substantial judgment against us
could negatively impact our financial condition, results of operations and brand
reputation, hindering our ability to attract and retain franchisees and grow our
business.

          Further, we may be subject to employee and other claims in the future
based on, among other things, discrimination, harassment, and wrongful
termination and wage issues, including relating to overtime compensation. We
have been subject to these types of claims in the past and if one or more of
these claims were to be successful or if there is a significant increase in the
number of these claims, our business, financial condition, operating results and
cash flows could be harmed.

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          We do not have long-term contracts with most of our suppliers, and as
a result they could seek to significantly increase prices or fail to deliver.

          We typically do not rely on written contracts or long-term
arrangements with our suppliers. Although we have not experienced significant
problems with our suppliers, our suppliers may implement significant price
increases or may not meet our requirements in a timely fashion, if at all. The
occurrence of any of the foregoing could have a material adverse effect on our
operating results.

          We are dependent on sole suppliers for some of our food products.

          We are dependent on sole suppliers for our cheese, chicken and meat
toppings and for our Crunchy Thin Crust dough products. Alternate sources for
these ingredients may not be available and we may not be able to enter into new
arrangements on a timely basis for the supply of these ingredients or on terms
as favorable to us as under our current arrangements.

          Shortages or interruptions in the supply or delivery of fresh food
products could adversely affect our operating results.

          We and our franchisees are dependent on frequent deliveries of fresh
food products that meet our specifications. Shortages or interruptions in the
supply of fresh food products caused by unanticipated demand, problems in
production or distribution, inclement weather or other conditions could
adversely affect the availability, quality and cost of ingredients, which would
adversely affect our operating results.

          Any prolonged disruption in the operations of any of our dough
manufacturing and distribution centers could harm our business.

          We operate 18 dough manufacturing and distribution centers in the
contiguous United States and dough manufacturing and distribution centers in
Alaska, Hawaii, Canada, the Netherlands and France. Our domestic dough
manufacturing and distribution centers service all of our company-owned stores
and approximately 98% of our domestic franchise stores. As a result, any
prolonged disruption in the operations of any of these facilities, whether due
to technical or labor difficulties, destruction or damage to the facility, real
estate issues or other reasons, could result in increased costs and reduced
revenues and our profitability and prospects could be harmed.

          Loss of key personnel or our inability to attract and retain new
qualified personnel could hurt our business and inhibit our ability to operate
and grow successfully.

          Our success in the highly competitive pizza delivery channel will
continue to depend to a significant extent on our leadership team and other key
management personnel. We do not have any long-term employment agreements with
any of our executive officers. As a result, we may not be able to retain our
executive officers and key personnel or attract additional qualified management.
Our success also will continue to depend on our ability to attract and retain
qualified personnel to operate our stores, dough manufacturing and distribution
centers and international operations. The loss of these employees or our
inability to recruit and retain qualified personnel could have a material
adverse effect on our operating results.

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          Our international operations subject us to additional risks, which
risks and costs may differ in each country in which we do business, and may
cause our profitability to decline due to increased costs.

          We conduct a portion of our business outside the United States. Our
financial condition and results of operations may be adversely affected if
global markets in which our company-owned and franchise stores compete are
affected by changes in political, economic or other factors. These factors, over
which neither we nor our franchisees have control, may include:

          .    recessionary or expansive trends in international markets;
          .    changing labor conditions and difficulties in staffing and
               managing our foreign operations;
          .    increases in the taxes we pay and other changes in applicable tax
               laws;
          .    legal and regulatory changes and the burdens and costs of our
               compliance with a variety of foreign laws;
          .    changes in inflation rates;
          .    changes in exchange rates and the imposition of restrictions on
               currency conversion or the transfer of funds;
          .    greater difficulty in collecting our royalties and longer payment
               cycles;
          .    expropriation of private enterprises;
          .    political and economic instability; and
          .    other external factors.

          Fluctuations in the value of the U.S. dollar in relation to other
currencies may lead to lower revenues and earnings.

          Exchange rate fluctuations could have an adverse effect on our results
of operations. Approximately 6.4% of our revenues in 2002 were denominated in
foreign currencies. Sales made by our stores outside the United States are
denominated in the currency of the country in which the store is located, and
this currency could become less valuable prior to conversion to U.S. dollars as
a result of exchange rate fluctuations. Unfavorable currency fluctuations could
lead to increased prices to customers outside the United States or lower
profitability to our franchisees outside the United States, or could result in
lower revenues for us, on a U.S. dollar basis, from such customers and
franchisees.

          We may not be able to adequately protect our intellectual property,
which could harm the value of our brand and branded products and adversely
affect our business.

          We depend in large part on our brand and branded products and believe
that they are very important to our business. We rely on a combination of
trademarks, copyrights, service marks, trade secrets and similar intellectual
property rights to protect our brand and branded products. The success of our
business depends on our continued ability to use our existing trademarks and
service marks in order to increase brand awareness and further develop our
branded products in both domestic and international markets. We have registered
certain trademarks and have other trademark registrations pending in the United
States and foreign jurisdictions. All of the trademarks that we currently use
have not been registered in all of the countries in which we do business and may
never be registered in all of these countries. We may not be able to adequately
protect our trademarks and our use of these trademarks may result in liability
for trademark infringement, trademark dilution or unfair competition. All of the
steps we have taken to protect our intellectual property in the United States
and in foreign countries may not be adequate. In addition, the laws of some
foreign countries do not protect intellectual property rights to the same extent
as the laws of the United States. Further, through acquisitions of third
parties, we may acquire brands and related trademarks that are subject to the
same risks as the brands and trademarks we currently own.

          We may from time to time be required to institute litigation to
enforce our trademarks or other intellectual property rights, or to protect our
trade secrets. Such litigation could result in substantial costs and diversion
of resources and could negatively affect our sales, profitability and prospects
regardless of whether we are able to successfully enforce our rights.

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          Our business growth strategy depends on the success of our franchisees
and we may be harmed by actions taken by our franchisees that are outside of our
control.

          A significant portion of our revenues comes from royalties generated
by our franchise stores. Franchisees are independent operators and their
employees are not our employees. We provide limited training and support to
franchisees, but the quality of franchise store operations may be diminished by
any number of factors beyond our control. Consequently, franchisees may not
successfully operate stores in a manner consistent with our standards and
requirements, or may not hire and train qualified managers and other store
personnel. If they do not, our image and reputation may suffer, and system-wide
sales could decline. While we try to ensure that our franchisees maintain the
quality of our brand and branded products, our franchisees may take actions that
adversely affect the value of our intellectual property or reputation. At
December 29, 2002, we had over 1,330 domestic franchisees operating over 4,200
domestic stores. Three of these franchisees each operate over 50 domestic
stores. In addition, our international master franchisees are generally
responsible for the development of significantly more stores than our domestic
franchisees. As a result, our international operations are more closely tied to
the success of a smaller number of franchisees than our domestic operations. Our
domestic and international franchisees may not operate their franchises
successfully. If one or more of our key franchisees were to become insolvent or
otherwise were unable or unwilling to pay us our royalties, our results of
operations could be adversely affected.

          We are subject to extensive government regulation, and our failure to
comply with existing or increased regulations could adversely affect our
business and operating results.

          We are subject to numerous federal, state, local and foreign laws and
regulations, including those relating to:

          .    the preparation and sale of food;
          .    building and zoning requirements;
          .    environmental protection;
          .    minimum wage, overtime and other labor requirements;
          .    compliance with the Americans with Disabilities Act; and
          .    working and safety conditions.

          We may become subject to legislation seeking to tax and/or regulate
high-fat foods. If we fail to comply with existing or future regulations, we may
be subject to governmental or judicial fines or sanctions. In addition, our
capital expenses could increase due to remediation measures that may be required
if we are found to be noncompliant with any of these laws or regulations.

          We are also subject to a Federal Trade Commission rule and to various
state and foreign laws that govern the offer and sale of franchises.
Additionally, these laws regulate various aspects of the franchise relationship,
including terminations and the refusal to renew franchises. The failure to
comply with these laws and regulations in any jurisdiction or to obtain required
government approvals could result in a ban or temporary suspension on future
franchise sales, fines or other penalties or require us to make offers of
rescission or restitution, any of which could adversely affect our business and
operating results.

          The terms of the Domino's, Inc. senior subordinated notes and the
senior credit facility have restrictive terms and our failure to comply with any
of these terms could put us in default, which would have an adverse effect on
our business and prospects.

          The indenture relating to the Domino's Inc. senior subordinated notes
and the senior credit facility contain restrictive covenants, including
financial condition tests and restrictions on our ability to operate our
business. The senior credit facility requires us to maintain specified financial
ratios and satisfy financial condition tests at the end of each fiscal quarter.
Our ability to meet these financial ratios and tests can be affected by events
beyond our control, and we may not meet those tests. A breach of any of these
covenants could result in a default under the senior credit facility and/or the
indenture relating to the senior subordinated notes. If our banks accelerate all
amounts owing under the senior credit facility because of a default under the
senior credit facility and we are unable to pay such amounts, the banks have the
right to foreclose on substantially all of our assets.

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          Upon the occurrence of specific kinds of change of control events, our
subsidiary, Domino's, Inc., must offer to repurchase all of its outstanding
senior subordinated notes. It is possible, however, that we will not have
sufficient funds at the time of the change of control to make the required
repurchase of the senior subordinated notes or that restrictions in the senior
credit facility will not allow such repurchase. The occurrence of some of the
events that would constitute a change of control under the indenture would also
constitute a default under the senior credit facility. Moreover, the exercise by
the holders of the senior subordinated notes of their right to require Domino's,
Inc. to repurchase the senior subordinated notes could cause a default under
such senior indebtedness, even if the change of control itself does not, due to
the financial effect on us of such repurchase. A default under the indenture or
the senior credit facility may have a material adverse effect on our business,
financial condition and results of operations.

          Our current insurance coverage may not be adequate, and insurance
premiums for such coverage may increase and we may not be able to obtain
insurance at acceptable rates, or at all.

          Under our current insurance policies covering workers' compensation,
general liability and owned and non-owned automobile liabilities, we are
generally responsible for between $500,000 and $3 million per occurrence and our
total insurance limits are $108 million per occurrence for general liability and
owned and non-owned automobile liabilities and up to the applicable statutory
limits for workers' compensation. These insurance policies may not be adequate
to protect us from liabilities that we incur in our business. In addition, in
the future our insurance premiums may increase and we may not be able to obtain
similar levels of insurance on reasonable terms or at all. Any such inadequacy
of or inability to obtain insurance coverage could have a material adverse
effect on our business, financial condition and results of operations.

          Our annual and quarterly operating results are subject to fluctuations
and if we fail to meet the expectations of securities analysts or investors, our
share price may decrease significantly.

          Our sales and operating results can vary significantly from quarter to
quarter and year to year depending on various factors, many of which are beyond
our control. These factors include:

          .    variations in the timing and volume of our sales and our
               franchisees' sales;
          .    the timing of expenditures in anticipation of future sales;
          .    sales promotions by us and our competitors;
          .    changes in competitive and economic conditions generally;
          .    changes in the cost or availability of our ingredients or labor;
               and
          .    foreign currency exposure.

          As a result, our results of operations may decline quickly and
significantly in response to changes in order patterns or rapid decreases in
demand for our food products. We anticipate that fluctuations in operating
results will continue in the future.