Business
Papa John’s Announces Third Quarter 2021 Financial Results and Additional $425 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 26, 2021.\n\nThird quarter 2021 highlights compared to prior year\n\n\nTotal company revenues increased 8.4% to $512.8 million\n\n\nComparable sales up 6.9% in North America and 8.3% Internationally; Global system-wide restaurant sales of $1.2 billion, up 11.2% driven by continued benefit from innovation strategies and accelerating unit growth\n\n\n46 net unit openings driven by strong International openings\n\n\nEarnings per diluted share of $0.79; Adjusted earnings per diluted share grew to $0.83 from $0.35 a year ago\n\n\nFor first nine months of 2021, cash flow from operations of $193.6 million, up from $168.5 million a year ago; free cash flow of $145.9 million up from $134.0 million\n\n\nNew $425 million share repurchase program authorized\n\n\n“With hard work, dedication and the support of our customers, Papa John’s team members and franchisees delivered another quarter of industry outperformance in Q3, as system-wide sales grew 11.2% and adjusted EPS more than doubled. Comparable sales in North America and internationally grew 6.9% and 8.3%, respectively, on top of last year’s tremendous results, as our innovation strategy continues to attract new customers and engage our loyal ones, while also driving sustainable ticket growth,” said President & CEO Rob Lynch. “Escalating interest and excitement among new and existing franchisees continues to accelerate unit growth and led to signing our largest international and domestic development deals ever last quarter.”\n\nMr. Lynch continued, “We also are delivering on our commitment to optimize our capital structure and allocation priorities to support long-term value creation and growth. Last quarter we strategically refinanced our debt and this morning announced a new $425 million share repurchase program. Now, more than two years into our brand’s return to positive results, with the foundations of our business stronger than ever, Papa John’s has passed the inflection point from turn-around to long-term growth story. I’m excited to say that we are all firmly focused on the future and realizing our enormous global opportunity.”\n\n\nFinancial Highlights\n\n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\nIn thousan...