Papa John's Q1 Adj. Operating Income Declines

(RTTNews) - Papa John's International, Inc. (PZZA) reported first-quarter adjusted profit per share of $0.95 compared to $0.91, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.94, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating income declined to $45.23 million from $50.75 million.

Net profit was $10.49 million or $0.29 per share compared to $33.88 million or $0.82 per share, last year. Revenue increased to $542.69 million from $511.75 million, a year ago. Analysts on average had estimated $540.39 million in revenue. Global system-wide restaurant sales was $1.3 billion, up 5.3%.

"In the first quarter Papa Johns 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," said President & CEO Rob Lynch.

The company said it has raised outlook for fiscal 2022 net restaurant growth to 280 to 320 units, from 260 to 300 units previously. Papa Johns also provided a new multi-year target of 6% to 8% annual net unit growth worldwide for fiscal 2023 through 2025.