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May 6, 2022

Papa John’s International reports revenue growth in Q1 2022

During the first quarter, the company opened 62 net units by expediting development activity.

US-based pizza chain Papa John’s International has reported a 6% rise in revenue, to $542.7m, for the first quarter of the year, which ended 27 March. 

The figure was $511.7m in the same period a year ago.

Its global system-wide restaurant sales increased 5.3%, to $1.3bn, while its comparable sales in North America and Internationally rose 1.9% and 0.8%, respectively.

The increased sales were attributed to innovation in the menu, as well as strategic pricing measures taken to partially offset higher food and commodity costs.

Consolidated operating income in the first quarter fell to $14.4m, down $32.4m from the previous year.

The company’s earnings per diluted share stood at $0.29 in the first quarter, versus $0.82 a year ago.

Excluding Special items, non-GAAP adjusted diluted earnings per share of $0.95 is an increase of $0.04 over the first quarter of last year.

During this quarter, the company opened 62 net units by expediting its development activity and growth pipeline, mainly internationally.

Papa John’s International president and CEO Rob Lynch said: “In the first quarter Papa John’s 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.

“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.

“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 John’s restaurants worldwide by the end of 2025 – with vast development whitespace still remaining.”

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