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Papa Johns Announces Preliminary 2024 Sales and Unit Development Ahead of 27th Annual ICR Conference
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today reported preliminary sales and unit
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 reported preliminary sales and unit development information for the fourth quarter and full year ended December 29, 2024.\n\n\n“We are pleased with the progression of our transaction trends and new restaurant openings in the fourth quarter,” said Todd Penegor, Papa Johns President and Chief Executive Officer. “Our focus on traffic-driving investments with an emphasis on crafting high-quality, traditional pizza – while amplifying our brand promise and more effectively engaging our customers across all channels – has contributed to these improving trends. Additionally, the growth in new restaurants across the globe highlights our franchisees’ confidence in the strength of the Papa Johns brand and our growth opportunities going forward.”\n\n\nThe Company also announced the opening of its 6,000th restaurant in fiscal year 2024, marking a growth milestone. “I’m grateful for our franchise partners who share our excitement for Papa Johns growth potential, and we will continue to work with existing franchisees, while welcoming new ones, to deliver on our strategy to build and win in our strongest and most high-potential markets globally,” Penegor said.\n\n\nThe Company expects the following preliminary and unaudited financial results for the fourth quarter and full year, as compared with the prior year periods:\n\n\nFourth Quarter Preliminary Results\n\n\n\nGlobal system-wide sales were approximately $1.2 billion, an approximately 8%(a) decrease from the prior year fourth quarter due to the additional week of operations in fiscal 2023. Excluding the 53rd week in 2023, global system-wide sales were roughly flat(a) from the prior year period.\n\n\n\nNorth America comparable sales(b) were down 4% compared with the prior year period as transaction and ticket were each down 2%. North America franchised restaurants comparable sales were down 4% while Domestic Company-owned restaurants were down 6% from a year ago.\n\n\n\nInternational comparable sales(b) were up 2% from the prior year period.\n\n\n\nTotal net new restaurants of 122 in the fourth quarter 2024.\n\n\nNorth America net new restaurants of 60 driven by 63 new restaurant openings.\n\n\n\nInternational net new restaurants of 62 driven by 83 new restaurant openings...