WorldWide Papa's Plc., the exclusive area developer of Papa John's restaurants in St. Petersburg and the Leningrad region of Russia, is now listed on the Deutsche Böerse - Frankfurt Open Market (FSE) under the stock symbol "1PJ.F."
The company officially went public with the ringing of the bell Feb. 14, making it the first Papa John's franchisee to be listed as such.
"This public listing is taking place under the most ideal conditions in our view: explosive economic growth and rich opportunity for continued success in St. Petersburg, a solid and quality-focused operations and management team on the ground in Russia, and continued consumer embrace of the Papa John's brand and product," said Darrin Stock, CEO and founder of WorldWide Papa's Plc. "We believe history is repeating itself, not only in the economic market but in the public sector as well, and we're at the forefront of the progression in the marketplace."
The primary motivation in WorldWide Papa's Plc. listing on the FSE is to introduce the company to new investors and raise additional capital to fuel expansion in St. Petersburg. The company has the near-term goal of growing the number of restaurants from four to 40 in the St. Petersburg and Leningrad region, accelerated by the public listing on the FSE.
"We congratulate WorldWide Papa's on its stock market listing," said Tom Sterrett, senior vice president of Papa John's International division. "As we grow our brand throughout the world, we have identified Russia as a priority market that we believe has the opportunity for significant growth. The first four restaurants opened by Worldwide Papa's have produced some of the highest sales averages among our international markets. We look forward to their continued growth in the Papa John's system."
Papa John's International, the franchisor supporting WorldWide Papa's, began in the United States with its first restaurant opening in 1984 in Jeffersonville, Ind. It now includes more than 3,600 locations throughout the world.
Since going public, the franchisee has experienced plenty of highlights, including:
- Within a month of going public in February, WorldWide Papa's opened its 5th location;
- Restaurant No. 5 achieved the highest first month sales in the history of the company;
- Restaurant No. 6 will open in July; the company is close to securing the site for restaurant No. 7;
- The company's total Q1 sales for 2011 is up 33 percent from Q1 in 2010 (an exponential increase from a 7% increase in sales for Q1 2010 as compared to Q1 2009);
- In addition to five locations, the company also operates a Quality Control Center, a commissary where dough is produced to the same quality standards adhered to in the U.S., and raw food and operating materials and supplies are stored.