Business
Papa Johns Announces First Quarter 2024 Financial Results
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the
About this update from Papa John's International, Inc.
[{"type":"text","content":" LOUISVILLE, Ky.--(BUSINESS WIRE)--\nPapa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the first quarter ended March 31, 2024.\n\n\nHighlights\n\n\n\nNorth America comparable sales(a) were down 2% from a year ago as Domestic Company-owned restaurants were down 3% and North America franchised restaurants were down 2%; International comparable sales(a) were down 3% from the prior year period.\n\n\n\n8 net unit openings in the first quarter driven by North America growth; on track to achieve North America net unit growth of more than 20% relative to 2023 net unit openings and International gross openings between 100 and 140 new restaurants.\n\n\n\nGlobal system-wide restaurant sales were $1.23 billion, a 1%(b) decrease compared with the prior year first quarter due entirely to the 53rd week in 2023 which shifted the week between Christmas and New Years into the fourth quarter.\n\n\n\nTotal revenues of $514 million were down 2% compared with a year ago largely driven by lower revenues in our North America commissary segment due to commodity price declines.\n\n\n\nOperating income of $34 million decreased 11% compared with the first quarter of 2023, while Adjusted operating income(c) of $43 million increased 10% on improved restaurant-level margins and continued focus on cost discipline.\n\n\n\nDiluted earnings per common share of $0.44 compared with $0.65 for the first quarter of 2023; Adjusted diluted earnings per common share(c) was $0.67 compared with $0.68 for the first quarter a year ago.\n\n\n\n“Our teams are taking a disciplined approach to running the business, improving restaurant-level margins and increasing operating profits despite a challenging environment in the first quarter,” said Ravi Thanawala, Papa Johns Interim Chief Executive Officer and Chief Financial Officer. “More importantly, we’re making meaningful progress on our Back to Better 2.0 and International Transformation initiatives. The foundational improvements we are implementing in our restaurant operations, digital solutions, and marketing platforms are designed to drive sustainable, profitable growth around the globe. We are confident that our consumer-centric focus and drive to increase franchisee profitability will contribute to our long-term success.”\n\n\n“The Board of Directors has gre...