LOUISVILLE, Ky. -- Papa John's International, Inc. (Nasdaq: PZZA) announced on April 30 that its first quarter 2002 revenues were $245.7 million, a decrease of 1.4 percent from revenues of $249.3 million for the same period in 2001.
Net income was $12.9 million compared to $12.8 million last year.
Dluted earnings per share increased to 60 cents, versus 56 cents in '01. The company made a modestly upward projection on its earnings guidance for 2002, narrowing its previously announced range of $2.22 to $2.32 per share, to between $2.25 and $2.32.
Domestic systemwide comparable sales decreased 2 percent (down 1.3 percent at company-owned stores and 2.2 percent at franchised stores), which Papa John's credited to the overall competitive environment, significant price discounting by major competitors and poorer-than-expected performance of its National Anniversary Promotion.
Systemwide, 28 stores were opened, but 25 others were closed during the quarter.
Average weekly sales for all corporate stores was $14,801, and $13,247 for all franchised stores.
Papa John's is predicting a brighter April, expecting systemwide comparable sales to increase approximately 5 percent (a 6.5 percent increase at company-owned restaurants and a 4.5 percent increase at franchised restaurants). It believes that the Easter holiday will impact sales numbers positively by 1 to 2 percent.
As of March 31, Papa John's had 2,742 restaurants (593 company-owned and 2,149 franchised) operating in 47 states and 9 international markets. It also owns or operates an additional 183 Perfect Pizza restaurants in the U.K.