Papa John's comps rise slightly
November 6, 2007
LOUISVILLE, Ky. — Comparable-store sales at No. 3 pizza chain Papa John's International Inc. rose 0.2 percent in the third quarter ended Sept. 30, the company announced. The increase was augmented by a 0.5 percent rise in company-owned restaurant comps and flat sales at franchised locations.
Year-to-date, domestic comps decreased 0.2 percent, comprised of a 0.1 percent decline at company-owned restaurants and a 0.3 percent drop at franchised locations.
Revenues for the third quarter were $524.6 million, up 4 percent compared with revenues of $503.1 million for the 2006 third quarter. Year-to-date, revenues were $1.6 billion, up 4 percent from revenues of $1.5 billion for the same period last year.
Net income for the third quarter was $4.8 million, down 63 percent from net income of $13.1 million in the 2006 third quarter. The third-quarter results included a loss of $7 million related to the consolidation of the franchisee-owned cheese purchasing company BIBP Commodities.
Year-to-date, net income was $25 million, down 44 percent from a net income of $44.4 million for the first nine months of last year.
The company opened 67 new restaurants and closed 18 in the third quarter, resulting in a net increase of 49 locations. As of Sept. 30, Papa John's operated 3,139 restaurants.
