Papa John's Q3 2024 Earnings Report
Key Takeaways
Papa John's International, Inc. reported a 3% decrease in global system-wide restaurant sales, totaling $1.19 billion, driven by lower comparable sales. Total revenues decreased by 3% to $507 million. Diluted earnings per common share were $1.27, while adjusted diluted earnings per common share was $0.43. The company experienced a decline in North America comparable sales by 6% and International comparable sales by 3%.
North America comparable sales decreased by 6%, with Domestic Company-owned restaurants down 7% and North America franchised restaurants down 5%.
International comparable sales decreased by 3% compared to the prior year period.
Global system-wide restaurant sales were $1.19 billion, a 3% decrease compared to the prior year, impacted by lower comparable sales.
Total revenues decreased by 3% to $507 million, driven by lower International revenues and sales at Domestic Company-owned restaurants.
Papa John's
Papa John's
Papa John's Revenue by Segment
Forward Guidance
North America remains on track for more than 100 gross restaurant openings in fiscal year 2024, while International anticipated gross openings increases to between 170 and 190 restaurants.
Positive Outlook
- North America is on track for more than 100 gross restaurant openings in fiscal year 2024.
- International anticipated gross openings increases to between 170 and 190 restaurants.
- The company is making progress to improve its value perception.
- The company is improving its digital and loyalty experience.
- The company is confident it can return to sustainable, profitable growth.
Challenges Ahead
- The company is operating in a very challenging consumer environment.
- North America comparable sales were down 6% from a year ago.
- Domestic Company-owned restaurants were down 7%.
- North America franchised restaurants were down 5%.
- International comparable sales were down 3% compared with the prior year period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income