Papa Johns Announces Second Quarter 2022 Financial Results; Increases Cash Dividend By 20%

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®”) today announced financial results for the second quarter ended June 26, 2022.\n\nHighlights\n\n\nTotal revenues increased 1.5% to $522.7 million in the second quarter versus prior year second quarter. Revenues increased 5.2% excluding the impact of refranchising 90 restaurants in the first quarter of 2022.\n\n\nComparable sales increased 0.9% in North America and decreased 8.0% Internationally, lapping prior year gains of 5.2% and 21.2%, respectively.\n\n\nGlobal system-wide restaurant sales were $1.2 billion, a 2.6%1 increase over the prior year second quarter.\n\n\n47 net unit openings in the second quarter driven by International openings; expected net unit openings in 2022 remain 280 to 320 units.\n\n\nEarnings per diluted share of $0.70; non-GAAP adjusted diluted earnings per share of $0.74 excluding Special items, compared with $0.93 a year ago.\n\n\nAnnounced 20% increase in annual dividend rate to $1.68 per share; declared third quarter dividend of $0.42 per share.\n\n\n“Papa Johns delivered a 12th consecutive quarter of positive North American comparable sales in the second quarter, building on gains of more than 30% over the two years prior,” said President and CEO Rob Lynch. “Our momentum over the past three years is the direct result of our differentiated brand, menu innovations and digital investments which focus on delivering premium value for our customers. The proven agility of our business model, our scale and our data advantage give us confidence in our ability to sustain positive North American comps in the second half of this year and into the future as we continue to navigate a dynamic macroeconomic environment.”\n\nLower year-over-year net income and earnings per diluted share in the second quarter primarily reflected further acceleration in commodity costs and labor inflation, in addition to lower international sales. The decrease in international sales was largely attributable to softening economic conditions in the UK.\n\n“Like companies across our industry and the global economy, we are experiencing high inflation coupled with lapping economic stimulus a year ago,” continued Lynch. “While we expect these headwinds to persist into the second half of 2022, the targeted actions we are taking today are focuse...

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