Business
Papa John’s Announces Third Quarter 2020 Financial Results and New $75 Million Share Repurchase Program
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Papa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the three and nine months ended
About this update from Papa John's International, Inc.
[{"type":"text","content":" LOUISVILLE, Ky.--(BUSINESS WIRE)--\nPapa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the three and nine months ended September 27, 2020.\n\nHighlights\n\n\nCompany revenues increased 17.1% compared to third quarter of 2019\n\n\nComparable sales increased 23.8% in North America and 20.7% Internationally in the third quarter\n\n\nEarnings per diluted share increased to $0.35 compared to third quarter 2019 loss per diluted share of ($0.10)\n\n\nCash flow from operations of $168.5 million and free cash flow of $134.0 million for the first nine months of 2020\n\n\nPreviously announced temporary franchise support program ended in the third quarter, concluding a $55 million investment in the system over the past four quarters\n\n\nNew $75 million share repurchase program authorized\n\n\n“Thanks to our focus on our strategic priorities, our commitment to an innovation mindset, and our dedication to supporting our team members and franchisees, Papa John’s delivered another quarter of outstanding results,” said President & CEO Rob Lynch. “Double-digit comparable sales growth, dramatically higher earnings and robust free cash flow all reflect a winning strategy and execution that have helped us outperform our competition and deliver five straight quarters of same store sales growth.”\n\nMr. Lynch continued, “The new share repurchase program demonstrates our commitment to value creation in the near and long term, as well as our confidence in Papa John’s future. The tremendous progress we have made this year – a fast-growing customer base, a truly differentiated brand, a robust innovation pipeline and a vast global development opportunity – positions us to continue expanding our slice of the pizza and food delivery market, which itself has a promising future. Looking ahead, we are excited to continue taking care of our team members and customers, delivering great pizza, and realizing our tremendous potential.”\n\n\nGlobal Restaurant and Comparable Sales Information\n\nGlobal restaurant and comparable sales information for the three and nine months ended September 27, 2020, compared to the three and nine months ended September 29, 2019 are as follows:\n\n\n\n\n\nThree Months Ended\n\n\n\n \n\n\n\nNine Months Ended\n\n\n\n\n\n\n\nSept. 27,\n2020\n\n\n\n \n\n\n\nSept. 29,\n2019\n\n\n\n \n\n\n\nSept. 27,\n202...