Papa John’s Fourth-Quarter Revenue Surge

by Warren Seah

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.

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