American pizza chain Papa John’s International has reported total revenues of $1.57bn for the fiscal year (FY2018) ending 30 December 2018.
They have witnessed an 11.8% decrease compared with the previous year’s $1.78bn, while the company’s net income declined from $102.29m to $1.64m last year.
Diluted earnings per share of the company were $0.05 for 2018, compared with $2.83 for the same period in 2017.
Papa John’s president and CEO Steve Ritchie said: “I am confident in the long-term success of Papa John’s. With the additional $200m of financial resources from Starboard, we will make targeted investments in the highest return initiatives that showcase our quality and improve the customer experience.
“We remain focused on people and pizza and continue to be enthusiastic about the opportunities ahead.”
The pizza chain reported total revenue of $373.98m for the fourth quarter (Q4), a 20% decline compared to the previous year’s $467.60m.
The company also reported an 8.1% decrease in the system-wide North American comparable sales of the fourth quarter and a 7.3% decline for the full year.
Papa John’s board of directors chairman Jeff Smith said: “Over the past few weeks, I have met with many of our team members and franchisees and am excited by their ideas, passion and dedication to Papa John’s.
“I look forward to working closely with Steve and the management team to develop additional product, menu, and customer engagement strategies that fortify our position as the ‘better ingredients, better pizza’ company.”
The pizza chain has added 104 new restaurants globally for the full year and is planning to open the majority of the planned 1,030 restaurants over the next six years.