Papa John's revenues up in '01, but '02 sales still soft

 
Feb. 26, 2002

LOUISVILLE, Ky. -- Papa John's International, Inc. announced Feb. 26 it had record revenues of $971.2 million for fiscal 2001, which ended Dec. 30. The 2.8 percent increase is notable given that the company's 2000 fiscal year ran 53 weeks, compared to 52 weeks in '01.

Net income for 2001 was off slightly, however, at $47.2 million, versus $47.3 million in 2000.

International revenue for last year was up 3.4 percent to $31.9 million, versus $30.8 million in 2000.

Domestic corporate restaurant sales in 2001 were $445.8 million compared to $456.6 million the year prior. The company attributed the 2.4 percent decline to operating one week less in fiscal '01 than in fiscal '00. Domestic franchise sales increased 8.0 percent to $1.3 billion last year.

In 2001 the company opened 210 stores (20 company-owned and 187 franchised Papa John's stores and three Perfect Pizza stores). This was offset slightly by the closure of 105 stores (17 company-owned and 80 franchised Papa John's restaurants and eight franchised Perfect Pizza stores).

Papa John's also expects its 2002 sales decline to continue through February. Despite the company's usually profitable anniversary promotion, current estimates predict domestic systemwide comparable sales for the month will be off approximately 3.4 percent (a 1.9 percent decline at company-owned stores and a 3.9 percent decline at franchised stores). The comany's U.S. sales slipped 5.3 percent in January.

As of Feb. 24, Papa John's 2,915 restaurants included 602 company-owned stores and 2,123 franchised stores operating in 47 states and nine international markets. Papa John's also owns or operates an additional 190 Perfect Pizza restaurants (two company-owned and 188 franchised) in the United Kingdom.


Topics: Public Companies


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