Papa Murphy's Holdings Inc. announced financial results for its first quarter ended March 31, its first earnings report since going public earlier this month.
Highlights for Q1 2014 compared to Q1 2013 include:
- Total revenues were $25.1 million compared to $19.6 million.
- Domestic comparable store sales increased 3.3 percent, including an increase of 7.1 percent for domestic company-owned stores and 3.1 percent for domestic franchise stores.
- Net income was $819,000 compared to $711,000.
"We are pleased to begin fiscal 2014 with impressive increases in revenue and pro forma profitability. Our success continues to be driven by the collective hard work of our team and franchisees, as we continue to help busy parents and families solve the dinnertime dilemma of providing their family with a high-quality, home-cooked meal, at a great value," CEO Ken Calwell said in a news release.
Calwell added that the company has "tremendous" white space potential to grow its base, and has a number of initiatives in place to continuing driving same-store sales growth and improve store-level profitability.