Papa John’s tops estimates for Q1 and outline plan to open up to 320 units in fiscal 2023

papa-john’s-tops-estimates-for-q1-and-outline-plan-to-open-up-to-320-units-in-fiscal-2023

Papa John’s International Inc. PZZA, +3.33% posted net income of $10.494 million, or 29 cents a share, for the first quarter through March 27, down from $33.9 million, or 82 cents a share, in the year-earlier period. Adjusted per-share earnings came to 95 cents, a penny ahead of the 94 cent FactSet consensus. Revenue at the pizza chain rose to $542.7 million from $511.7 million a year ago, also ahead of the $540 million FactSet consensus. Same-stores ales rose 1.9% in North America and 0.87% internationally. The company said it now expects to open 280 to 320 new units in fiscal 2022, up from prior guidance of 260 to 300 units. It is aiming to open 1,400 to 1,800 new Papa Johns restaurants worldwide by the end of 2025. Shares were not yet active premarket, but have fallen 30% in the year to date, while the S&P 500 SPX, +2.99% has fallen 9.8%.

Source: Marketwatch

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