Papa John's net off 35 percent

 
May 6, 2008
LOUISVILLE, Ky. — Domestic systemwide comparable-store sales for Papa John's International Inc. restaurants increased 1.7 percent for the 2008 first quarter, the company has announced. The rise in comps was comprised of a 2.6 percent increase at company-owned restaurants and a 1.4 percent increase at franchised restaurants.
 
Revenues for the quarter were $289 million, up 11 percent from revenues of $260.6 million for the first quarter of 2007. Net income for the quarter was $8.6 million, down 35 percent from net income of $13.2 million for the 2007 first quarter.
 
First-quarter results include a loss of $5.2 million from the consolidation of the results of the franchisee-owned cheese purchasing company, BIBP Commodities Inc.
 
Papa John's opened 26 domestic restaurants during the first quarter, four company-owned and 22 franchised restaurants. Additionally, 22 international restaurants  — three company-owned and 19 franchised — were opened, while the company closed 16 domestic and two international franchised restaurants.
 
As of March 30, 2008, there were 3,238 Papa John's restaurants — 665 company-owned and 2,573 franchised — operating in all 50 states and 28 countries.

Papa John's also announced it has surpassed $1 billion in online sales since the company first offered online ordering in 2001. Papa John's online sales have grown an average of more than 50 percent each year and were nearly $400 million in 2007. More than 20 percent of the company's sales come online or via text.   "This is a significant milestone for Papa John's, as we pride ourselves in being at the forefront of using technology to make it convenient for our customers to order," said Nigel Travis, Papa John's president and chief executive officer. "Our customers are technologically savvy and always looking for the easiest ordering option, as evidenced by this landmark $1 billion sales number."


Topics: Marketing , Online Ordering , Operations Management , Papa John's , Public Companies


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