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Papa Johns Announces Fourth Quarter and Full Year 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 fourth quarter and year ended December 29, 2024.\n\n\nFourth Quarter Highlights\n\n\n\nNorth America comparable sales(a) were down 4% from a year ago as Domestic Company-owned restaurants were down 6% and North America franchised restaurants were down 4%; International comparable sales(a) were up 2% compared with the prior year period.\n\n\n\n122 net restaurant openings in the fourth quarter, driven by 63 gross openings in North America and 83 gross openings in International markets.\n\n\n\nGlobal system-wide restaurant sales were $1.23 billion, an 8%(b) decrease from a year ago due to the additional week of operations in the fourth quarter of 2023. Excluding the additional week, global system-wide sales were flat(b) from the prior year period.\n\n\n\nTotal revenues of $531 million were down 7% compared with the fourth quarter of 2023. Excluding the 53rd week in 2023, Total revenues were roughly flat from the prior year period.\n\n\n\nDiluted earnings per common share of $0.44 compared with $0.79 for the fourth quarter of 2023; Adjusted diluted earnings per common share(c) was $0.63 compared with $0.91 for the fourth quarter of 2023.\n\n\n\nFull Year Highlights\n\n\n\nNorth America comparable sales(d) were down 4% from 2023 as Domestic Company-owned restaurants were down 5% and North America franchised restaurants were down 4%; International comparable sales(d) were down 1%.\n\n\n\n124 net restaurant openings for the full year 2024, driven by 112 gross openings in North America and 198 gross openings in International markets.\n\n\n\nGlobal system-wide restaurant sales were $4.85 billion, a 3%(b) decrease over the prior year. Excluding the 53rd week in 2023, global system-wide sales were down approximately 1%(b).\n\n\n\nTotal revenues of $2.06 billion were down $76 million, or 4%, from 2023. Excluding the 53rd week in 2023, Total revenues were down 2%.\n\n\n\nDiluted earnings per common share of $2.54 compared with $2.48 for 2023; adjusted diluted earnings per common share(c) was $2.34 compared with $2.71 in 2023.\n\n\n\n\n\n(a)\n\n\n\n\n\n\nComparable sales growth (decline) for the fourth quarter of 2024 is reported on a 13-week basis comparing September 30, 2024 through De...