Business
Papa Johns Announces 2022 Fourth Quarter and Full Year Financial Results
Global system-wide restaurant sales up 3%(a) for full year Third straight year of positive North America comparable sales System-wide units up 4.5%(b) for
About this update from Papa John's International, Inc.
[{"type":"text","content":"\nGlobal system-wide restaurant sales up 3%(a) for full year\n\nThird straight year of positive North America comparable sales\n\nSystem-wide units up 4.5%(b) for full year\n\n LOUISVILLE, Ky.--(BUSINESS WIRE)--\nPapa John’s International, Inc. (NASDAQ: PZZA) (“Papa Johns®”) today announced financial results for the fourth quarter and year ended December 25, 2022.\n\nFourth Quarter Highlights\n\n\nNorth America comparable sales were up 1% from a year ago and up 26% on a three-year stack; International comparable sales were down 3% from a year ago and up 20% on a three-year stack.\n\n\n117 net unit openings in the fourth quarter largely within international markets.\n\n\nGlobal system-wide restaurant sales were $1.20 billion, a 3%(a) increase over the prior year.\n\n\nTotal revenues of $526 million were down $3 million, or less than 1%, from a record fourth quarter 2021. Revenues increased 3% excluding the impact of refranchising 90 restaurants in the first quarter of 2022.\n\n\nDiluted earnings per common share of $0.66, compared with $0.67 for 2021; adjusted diluted earnings per common share(c) of $0.71 compared with $0.75 a year ago.\n\n\nFull Year Highlights\n\n\nNorth America comparable sales were up 1% from a year ago and up 30% on a three-year stack; International comparable sales were down 5% from a year ago and up 20% on a three-year stack.\n\n\n244 net unit openings(b) for the full year 2022 driven by continued international growth.\n\n\nGlobal system-wide restaurant sales were $4.84 billion, a 3%(a) increase over the prior year.\n\n\nRecord total revenues of $2.10 billion were up $34 million, or 2%, from 2021.\n\n\nDiluted earnings per common share of $1.89 compared with $0.12 for 2021; adjusted diluted earnings per common share(c) of $2.94 compared with $3.51 a year ago.\n\n\n“We had a strong finish to 2022, posting our third straight year of positive North America comparable sales,” said Rob Lynch, Papa Johns’ President and CEO. “Our performance demonstrates the resiliency of our brand, the agility of our teams and the strength of our business model despite the macro headwinds we faced. This past year, we continued to introduce impactful menu innovations, such as our Epic Pepperoni Stuffed Crust and New York Style pizzas, addressed the need of value-seeking consumers with Papa Pairings, continued to grow our Papa Rew...