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Dec 31, 2023
Papa John's Q4 2023 Earnings Report
Papa John's reported a solid Q4 2023, achieving record system-wide sales for the year and marking the fourth consecutive year of positive North America comparable restaurant sales.
Key Takeaways
Papa John's International, Inc. announced financial results for the fourth quarter and year ended December 31, 2023. The company reported a rise in total revenues from $526.23 million to $571.32 million. Diluted earnings per common share increased to $0.79, up from $0.66 in the fourth quarter of 2022, and adjusted diluted earnings per common share was $0.91, up from $0.71 a year ago.
North America comparable sales were up 2% compared with the fourth quarter of 2022, driven by transaction and ticket growth at both Domestic Company-owned and North America franchised restaurants.
International comparable sales were down 6%.
89 net unit openings driven by 36 North America and 53 International net unit openings.
Global system-wide restaurant sales were $1.34 billion, an 11% increase from the prior year fourth quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Looking ahead, the company is focused on accelerating North America development and maintaining flexibility in a dynamic global environment to advance strategic initiatives.
Positive Outlook
- Focus on Back to Better 2.0 growth initiatives.
- Accelerating North America development.
- Building on progress in the UK market.
- Strategic actions to drive improved profitability.
- Strengthening the franchisee base.
Challenges Ahead
- Dynamic global environment may present challenges in the near term.
- Potential risks related to deteriorating economic conditions.
- Labor shortages at Company and/or franchised stores and quality control centers.
- Increases in labor costs, commodity costs, or sustained higher other operating costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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