Papa John’s: Announces First Quarter 2022 Financial Results

Louisville / KY. (pj) Papa John’s International Inc., one of the world’s largest pizza delivery companies, announced financial results for the first quarter ended March 27, 2022.

First quarter 2022 highlights compared to first quarter of 2021

• Total company revenues increased 6.0 percent to USD 542.7 million; global system-wide restaurant sales of USD 1.3 billion, up 5.3 percent (excluding the impact of foreign currency)
• Comparable sales up 1.9 percent in North America and 0.8 percent Internationally, lapping prior year gains of 26.2 percent and 23.2 percent, respectively
• 62 net unit openings driven by accelerating development activity and growing pipeline, especially Internationally
• Earnings per diluted share of USD 0.29; excluding Special items, non-GAAP adjusted diluted earnings per share of USD 0.95, up from USD 0.91 a year ago
• Fiscal 2022 restaurant growth outlook raised to 280 to 320 net new units; new multi-year outlook provided for global restaurant count to grow 6 percent to 8 percent annually for fiscal 2023 through 2025

«In the first quarter Papa Johns again delivered positive comparable sales growth in North America and international, as we lapped our biggest quarter in the company’s history a year ago,» said President and CEO Rob Lynch. «Incredible execution, winning innovation and our differentiated position underlie our sustained industry outperformance and prove the resilience of our team, franchisees and strategy during volatile and challenging business conditions. Our franchisees also continue to demonstrate their excitement about Papa Johns opportunity, as they ramp up their investments to grow our brand.»

Lynch continued, «Last quarter we maintained our development momentum with strong new restaurant openings and significantly expanded and strengthened our pipeline with major new deals. As a result, we are excited to raise our 2022 outlook for restaurant growth and to provide a new, multi-year development goal to open 1,400 to 1,800 net new Papa Johns restaurants worldwide by the end of 2025 – with vast development whitespace still remaining. With system-wide momentum, sustained comparable sales outperformance and accelerating unit growth, Papa Johns is well-positioned and executing, regardless of the short-term macroeconomic environment, to continue delivering on its long-term potential and growth goals.»

For additional information please read the Company’s PDF file below (486 KB):

20220505-PAPA-JOHNS-Q1-2022.