News

Papa Murphy's comp store sales fall in 2018

February 5, 2019

Papa Murphy's Holdings, Inc. said its preliminary unaudited Q4 and FY 2018 results for the  period that ended Dec. 31, show that comp store sales fell 1.3 percent for the quarter and 2.5 percent for the year. Net income for the quarter was $2 million or 12 cents per diluted share, while annual net income was $4.3 million or 26 cents per share, a news release said. 

Other quarterly results include the following estimates from the company: 

• Total revenue of $32 million.
• Pro-forma net income of approximately $2.4 million, or 14 cents per diluted share.
• Adjusted EBITDA of approximately $5.9 million.

Results for FY 2018 are estimated to be: 

• Total revenue of $126.4 million.
• Pro-forma net income of approximately $7.3 million, or 43 cents per diluted share.
• Adjusted EBITDA of approximately $22.3 million, which is above the most recent guidance of at least $21 million.

"We are very pleased with the continued progress of our strategic initiatives and the impact they had on our results in Q4 2018," Papa Murphy's CEO Weldon Spangler, said in the release. "We saw positive same store sales in October, marking our first period of same store sales growth in 37 months.  

"Momentum has continued into 2019, and we expect our strategic and cost saving initiatives to continue to deliver in 2019. With our improved results, we were also able to pay down our term loan to $79.5 million at the end of the quarter."

The company expects to release its audited full financial and operating FY 2018 and Q4 2018 results on March 13.