Business
Papa Johns Announces First Quarter 2023 Financial Results
Reports another quarter of record global system-wide restaurant sales(a) Launches new proprietary menu innovation, Doritos® Cool Ranch® Papadia Reaffirms
About this update from Papa John's International, Inc.
[{"type":"text","content":"\n\nReports another quarter of record global system-wide restaurant sales(a)\n\n\n\nLaunches new proprietary menu innovation, Doritos® Cool Ranch® Papadia\n\n\n\nReaffirms long-term development target of 1,400 to 1,800 net new units between 2022 and 2025\n\n\n\n LOUISVILLE, Ky.--(BUSINESS WIRE)--\nPapa John’s International, Inc. (NASDAQ: PZZA) (“Papa Johns®”) today announced financial results for the first quarter ended March 26, 2023.\n\n\nHighlights\n\n\n\nNorth America comparable sales were flat lapping last year’s record first quarter sales as menu innovation and operational efficiencies drove 3% growth in Domestic Company-owned Restaurants; International comparable sales were down 6% from a year ago primarily due to continued economic pressure in the UK.\n\n\n\n27 net unit openings in the first quarter driven by International growth; On track to achieve 270 to 310 net new units in 2023.\n\n\n\nGlobal system-wide restaurant sales were $1.24 billion, a 2%(a) increase from the prior year first quarter.\n\n\n\nTotal revenues of $527 million were down 3% from a record first quarter a year ago. Revenues were up slightly when excluding the impact of refranchising 90 restaurants in 2022.\n\n\n\nDiluted earnings per common share was $0.65, compared with $0.29 for the first quarter of 2022; Adjusted diluted earnings per common share(b) was $0.68, compared with $0.95 for the first quarter a year ago.\n\n\n\n“We delivered another solid quarter, achieving the highest system-wide sales in Company history through strong performing innovation and continued strength of company operations,” said Rob Lynch, Papa Johns’ president and CEO. “Customers are responding favorably to our marketing and menu innovation strategy and our teams are doing an excellent job executing our Back to BETTER initiative. In our corporate-owned restaurants, our teams are delivering significant improvements in out-the-door times, increasing overall customer satisfaction, and driving operational efficiencies and profitability, which is helping to offset continued wage inflation. The Company-owned restaurant comp sales growth of more than 3% in the first quarter is a testament to the strength of our product offerings and the operational improvements our team is making.”\n\n\nPapa Johns recently announced its latest menu innovation, Doritos® Cool Ranch® Papadia. Comment...