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Papa John's sees boost in second-quarter comps
August 5, 2008
LOUISVILLE, Ky. -- Comparable-store sales at domestic Papa John's International Inc. restaurants increased 2.4 percent for the second quarter ended June 29, 2008, the company announced. The increase was comprised of a 3.6 percent increase at company-owned restaurants and a 1.9 percent increase at franchised restaurants.
Domestic comps for the year to date increased 2 percent, comprised of a 3.1 percent increase at company-owned restaurants and a 1.6 percent increase at franchised restaurants.
Revenues for the quarter were $283.4 million, up 11 percent compared with revenues of $256.3 million for the 2007 second quarter. Year-to-date revenues were $572.4 million, up 11 percent compared with revenues of $516.9 million for the same period last year.
Net income for the quarter was $7.6 million, up 9 percent compared with net income of $7 million for the 2007 second quarter. Year-to-date net income was $16.2 million, off 20 percent compared with net income of $20.2 million for the first half of 2007.
"Given the brutal commodity and consumer environment, our second quarter comps were very encouraging and our earnings and cash flow yield remained strong," said Papa John's president and chief executive officer Nigel Travis. "As the commodities market and operating environment remain both difficult and unpredictable, we will continue to look for ways to assist both our corporate and franchise operators through this difficult period while driving top line sales."
The company opened 38 restaurants -- two company-owned and 36 franchised –- during the second quarter, and closed five restaurants. Year-to-date, the company opened 60 restaurants -- five company-owned and 55 franchised – and closed seven restaurants.
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