News
Papa John's net up 87 percent
August 4, 2009
Domestic systemwide comparable sales at Papa John's restaurants increased 0.1 percent for the company's second quarter ended June 28, comprised of a 0.4 percent decrease at company-owned restaurants and a 0.2 percent increase at franchised restaurants. Domestic systemwide comparable sales for the year to date increased 0.2 percent, comprised of flat sales at company-owned restaurants and a 0.2 percent increase at franchised restaurants.
The company estimates that the timing of the Easter holiday weekend had a negative impact of 0.3 percent on the second quarter results and an estimated beneficial 0.3 percent impact on the first quarter 2009 results.
Revenues for the quarter were $276.6 million, off 2 percent compared with revenues of $283.4 million in the 2008 second quarter. Year-to-date revenues were $561.6 million, off 2 percent compared with revenues of $572.4 million in the first six months of last year.
Net income for the quarter was $14.2 million, up 87 percent compared with net income of $7.6 million in the 2008 second quarter. Year-to-date net income was $32 million, up 96 percent compared with net income of $16.3 million for the same period last year.
Net income was boosted by results from the company's franchisee-owned cheese purchasing entity.
Papa John's has revised its previously announced 2009 earnings per diluted share guidance from a range of $1.36 to $1.44 to a range of $1.38 to $1.44 for the year.
The company opened 11 domestic franchised restaurants and closed one company-owned and 17 franchised restaurants during the quarter. The company opened one company-owned and 28 international franchised restaurants during the quarter and closed eight international franchised restaurants.
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