Business
Papa John’s International Announces First Quarter 2022 Financial Results
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Papa John’s International, Inc. (NASDAQ: PZZA) (“Papa Johns®”) today announced financial results for the first quarter
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 first quarter ended March 27, 2022.\n\nFirst quarter 2022 highlights compared to first quarter of 2021\n\n\nTotal company revenues increased 6.0% to $542.7 million; global system-wide restaurant sales of $1.3 billion, up 5.3% (excluding the impact of foreign currency)\n\n\nComparable sales up 1.9% in North America and 0.8% Internationally, lapping prior year gains of 26.2% and 23.2%, respectively\n\n\n62 net unit openings driven by accelerating development activity and growing pipeline, especially Internationally\n\n\nEarnings per diluted share of $0.29; excluding Special items, non-GAAP adjusted diluted earnings per share of $0.95, up from $0.91 a year ago\n\n\nFiscal 2022 restaurant growth outlook raised to 280 to 320 net new units; new multi-year outlook provided for global restaurant count to grow 6% to 8% annually for fiscal 2023 through 2025\n\n\n“In the first quarter Papa Johns again delivered positive comparable sales growth in North America and international, as we lapped our biggest quarter in the company’s history a year ago,” said President & CEO Rob Lynch. “Incredible execution, winning innovation and our differentiated position underlie our sustained industry outperformance and prove the resilience of our team, franchisees and strategy during volatile and challenging business conditions. Our franchisees also continue to demonstrate their excitement about Papa Johns opportunity, as they ramp up their investments to grow our brand.”\n\nMr. Lynch continued, “Last quarter we maintained our development momentum with strong new restaurant openings and significantly expanded and strengthened our pipeline with major new deals. As a result, we are excited to raise our 2022 outlook for restaurant growth and to provide a new, multi-year development goal to open 1,400 to 1,800 net new Papa Johns restaurants worldwide by the end of 2025 – with vast development whitespace still remaining. With system-wide momentum, sustained comparable sales outperformance and accelerating unit growth, Papa Johns is well-positioned and executing, regardless of the short-term macroeconomic environment, to continue delivering on its long-term potential and growth goals.”\n\n\nNew Development Outlook\n\nThe C...