In the latest financial report, Papa John’s International Inc. experienced a surge in revenue for the fourth quarter of 2023. This growth was mainly attributed to an extra week of operations, along with an increase in revenue from its domestic company-owned restaurants.
Strong Financial Performance
The Louisville, Ky.-based pizza chain reported earnings of $26.09 million, or 79 cents per share, compared to $23.51 million, or 66 cents per share, in the previous year. Adjusted for certain one-time items, Papa John’s earnings amounted to 91 cents per share, showing a significant improvement from 71 cents per share in the same quarter last year – surpassing analysts’ expectations of 72 cents per share.
Impressive Sales Growth
Total sales for the period ending on Dec. 31 reached $571.32 million, an increase from $526.23 million in the corresponding period of the previous year. Although analysts had anticipated sales of $578 million, the company’s performance still demonstrated substantial growth.
Positive Impacts of Extra Week
The company highlighted that the inclusion of a 53rd week of operations in 2023 contributed approximately $41 million to its fourth-quarter revenue. This additional week played a significant role in driving global system-wide restaurant sales up by 11% compared to a year ago.
Differential Growth
Notably, comparable sales and system-wide sales growth from Papa John’s domestic company-owned restaurants outpaced that of its franchised and international locations during the fourth quarter, showcasing a promising trajectory for the business.
For more information and updates on Papa John’s International Inc., stay tuned for further developments in the market.