March sales drop 3.7% at U.S. Papa John's, Q1 '04 comes in flat

April 6, 2004

LOUISVILLE, Ky.—Papa John's International, Inc. announced that domestic systemwide comparable sales for the five weeks ended March 28, 2004, decreased 3.7 percent (composed of a 2.6 percent decrease at company-owned units and a 4.1 percent decrease at franchise units).

According to a news release, domestic systemwide comparable sales for the quarter ended March 28, increased 0.5 percent (composed of a 1.3 percent increase at company-owned units and a 0.2 percent increase at franchise units).

Total systemwide international sales decreased 1.8 percent for March, but increased 5.1 percent for the quarter, on a constant U.S. dollar basis.

In the release, Papa John's reaffirmed its previously announced earnings per share (EPS) guidance of $2.20 to $2.28, but warned that soaring cheese prices could reduce EPS by as much as 86 cents (1.34 to $1.42) in 2004. The news sent the company's stock tumbling nearly 6 percent in late-day trading.

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Topics: Cheese , Papa John's , Public Companies

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