05.08.2021 15:19:05

Papa John's Q2 Results Top View; To Open 220 Restaurants In Latin America, Spain, Portugal And UK

(RTTNews) - Papa John's International Inc. (PZZA) reported that its second-quarter net loss attributable to common shareholders was $79.90 million or $2.30 per share compared to net income of $15.71 million or $0.48 per share in the previous year.

The latest-quarter result included $3.15 per share from a reduction in net income attributable to common shareholders related to the repurchase and conversion of all shares of Series B Preferred Stock. The charge reflects the excess of the one-time cash payment over the carrying value of the Series B Preferred Stock.

Excluding the impact of Special items, adjusted earnings per share was $0.93 compared to $0.48 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated revenues of $515.0 million increased $54.4 million or 11.8%, in the second quarter of 2021 compared to the second quarter of 2020 primarily as a result of higher comparable sales of 5.2% for North America restaurants, which benefited from continued menu, delivery and digital innovation as reflected in higher company-owned restaurant revenues, franchise royalties and commissary sales. Higher commodity costs also positively impacted commissary sales. Analysts expected revenues of $490.58 million for the quarter.

International revenues also increased primarily due to higher royalties from strong comparable sales results of 21.2% for the quarter and higher unit counts.

In a separate press release, Papa John's said that it has expanded partnership with its franchisee Drake Food Service International to open over 220 Papa John's restaurants by 2025. This includes more than 170 across Latin America, Spain and Portugal, where DFSI currently operates in excess of 280 locations.

As part of the agreement, Drake Food Service plans to open 50 new restaurants in the UK over the next four years, where it recently purchased over 60 Papa John's restaurants in London, making it the brand's largest franchisee in the country.

Under the terms of the expanded partnership, Drake Food Service will operate more than 560 Papa John's restaurants in total by 2025.

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