Papa John’s: Announces Third 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 third quarter ended September 25, 2022. Highlights:

• Total revenues of USD 511 million in the third quarter 2022 were down USD 2 million, or less than one percent, from a record third quarter 2021.
• North America comparable sales were down less than one percent from a year ago and up 30 percent on a three-year stack. International comparable sales were down 10 percent and up 19 percent on a three-year stack.
• Global system-wide restaurant sales were USD 1.20 billion(a), a 0.5 percent increase over the prior year third quarter.
• 18 net unit openings in the third quarter primarily within International markets; net unit openings in 2022 now expected to be between 240 and 260 units.
• Earnings per diluted share of USD 0.23; non-GAAP adjusted diluted earnings per share of USD 0.54 excluding Special items, compared with USD 0.83 a year ago.

«Our team at Papa Johns continued to execute on our plan to create the world’s best pizza company, despite facing macroeconomic and seasonal headwinds during the quarter,» said Rob Lynch, Papa Johns President and Chief Executive Officer. «Coming off a record third quarter in 2021, our North American comparable sales were down less than one percent, but more importantly, our track record of industry outperformance continued as evidenced by our 30 percent three-year stacked growth. This is a true testament to our culture of innovation and the increasing strength of the Papa Johns brand.

«Although the third quarter is typically the slowest period for pizza delivery, this year was especially challenging as the demand for travel was amplified coming out of the pandemic. In addition, commodity and labor costs reached all-time highs, impacting profit. These are all short-term challenges that we navigated well and I am pleased to say we are off to a solid start in the fourth quarter. While we expect some near-term headwinds to continue, particularly in the UK market, we continue to build global excitement behind our brand, reinforcing our confidence in our multi-year development outlook,» continued Lynch. «I am extremely proud of our team members and franchisees for their continued improvements across our operations, marketing, technology and development capabilities in this challenging business environment. We’re well-positioned to drive continued growth in the long-term and to take advantage of the tremendous global whitespace available to Papa Johns.»

For additional information please read the Company’s PDF file below (377 KB):

20221104-PAPA-JOHN-Q3-2022.