Business
Papa Johns Announces Second 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 second quarter ended June 30, 2024.\n\n\nHighlights\n\n\n\nNorth America comparable sales(a) were down 4% from a year ago as Domestic Company-owned restaurants were down 4% and North America franchised restaurants were down 3%; International comparable sales(a) were flat compared with the prior year period.\n\n\n\n31 net unit closures in the second quarter resulting from anticipated strategic International closures, including 43 Company-owned restaurants in the UK.\n\n\n\nGlobal system-wide restaurant sales were $1.20 billion, a 1%(b) decrease compared with the prior year second quarter, driven by lower North America comparable sales partially offset by trailing twelve month net unit growth.\n\n\n\nTotal revenues of $508 million were down 1% compared with a year ago driven by lower revenues in our North America commissary segment primarily due to a combination of lower volume and commodity prices.\n\n\n\nOperating income of $28 million decreased 19% compared with the second quarter of 2023, while Adjusted operating income(c) of $38 million increased 4% on improved restaurant-level margins and continued focus on cost discipline.\n\n\n\nDiluted earnings per common share of $0.37 compared with $0.54 for the second quarter of 2023; Adjusted diluted earnings per common share(c) was $0.61 compared with $0.59 for the second quarter a year ago.\n\n\n\n“I am honored and excited to join the Papa Johns team and look forward to building a strong and collaborative partnership with our franchisees,” said Todd Penegor, President and Chief Executive Officer. “As we move forward together, our number one priority will be to create great experiences for our customers and team members, while also ensuring the restaurant economic model is strong. We will move quickly to build on our strengths and execute today as we evolve to be even better tomorrow.”\n\n\nCommenting on second quarter results, Ravi Thanawala, Chief Financial Officer, stated, “Papa Johns’ commitment to maintaining the quality of our product and brand as well as managing our costs drove continued improvement in restaurant-level margins and Adjusted operating income, helping to offset our softer sales in the second quarter. During...