LOUISVILLE, Ky. — Papa John's International Inc. reported a 1.2 percent increase in domestic comp-sales in the third quarter 2004 ended Sept. 26 compared to the same period last year.
According to a release, earnings for the quarter were up 3.8 percent at $227.8 million, compared to '03, when earnings for the same period were $219.6 million, the release noted. Net income for the quarter was $7.9 million compared to last year's $3.5 million.
Net income for the year (at the end of the first nine months), however, was down 45 percent, from $25.3 million in '03 to $13.6 million in '04.
According to the release, a number of factors played into the profit margin gap, including the closure of 22 "underperforming" units in the fourth quarter of '03 and a domestic corporate sales decrease of 0.8 percent for the third quarter in '04, or $98.1 million, compared to sales of $98.9 million for the same period last year. Higher cheese costs also factored into the loss, the release stated.