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Jun 30, 2024
Papa John's Q2 2024 Earnings Report
Papa John's Q2 2024 financial results announced, revealing a mixed performance with revenue decline offset by improved margins.
Key Takeaways
Papa John's Q2 2024 saw a 1% decrease in total revenues to $508 million, driven by lower North America commissary revenues. North America comparable sales were down 4%. Operating income decreased by 19% to $28 million, while adjusted operating income increased by 4% to $38 million due to improved restaurant-level margins and cost discipline. Diluted EPS was $0.37, while adjusted diluted EPS was $0.61.
North America comparable sales decreased by 4% due to declines in both company-owned and franchised restaurants.
Global system-wide restaurant sales decreased by 1% to $1.20 billion, impacted by lower North America comparable sales.
Total revenues decreased by 1% to $508 million, primarily due to lower North America commissary revenues.
Operating income decreased by 19% to $28 million, while adjusted operating income increased by 4% to $38 million.
Forward Guidance
Papa John's is focused on creating great experiences for customers and team members, ensuring a strong restaurant economic model, evolving marketing to meet consumer value expectations, investing in digital experience, and enhancing the loyalty experience to drive consumer engagement.
Positive Outlook
- Maintaining the quality of product and brand.
- Managing costs to drive continued improvement in restaurant-level margins.
- Pursuing opportunities that sharpen focus and improve unit economics.
- Actively working to drive unit development.
- Providing an excellent consumer experience.
Challenges Ahead
- Softer sales in the second quarter.
- Highly promotional QSR environment.
- More value-conscious consumer.
- Work remains to achieve full potential.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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