LOUISVILLE, Ky. — Shares of Papa John's International Inc. fell on Oct. 8, a day after the company reported a decline in sales and lowered its earnings guidance for the year.
Papa John's stock fell $2 per share, or about 7.6 percent, to close at $24.25 per share in Oct. 8 trading, according to a report in Louisville Business First.
After the markets closed on Oct. 7, Papa John's issued a news release saying that its domestic systemwide comparable sales fell 6.7 percent during the five weeks ended Sept. 28. Total systemwide international sales for September increased 1.2 percent.
For the quarter, Papa John's domestic sales were off 4.8 percent, the release said, while international sales increased 2.4 percent.
The release also said the company is reducing its 2003 earnings guidance to between $1.65 and $1.75 per share from $2.20 to $2.26 per share.
Papa John's, which operates a chain of more than 2,900 pizza restaurants in 49 states and 12 international markets, also said it would take charges in the second half to restructure some of its restaurants.