Papa John's Q3 Earnings Miss Street View; Warns On Near-Term Headwinds

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  • Papa John's International Inc PZZA reported a third-quarter FY22 sales decline of 0.44% year-on-year to $510.51 million, missing the consensus of $514.04 million.
  • Adjusted EPS of $0.54 missed the Street view of $0.61.
  • Total comparable sales fell 3.4% versus 7.3% growth in the prior year. Comparable sales slipped 0.8% in North America and fell 10.1% in International restaurants.
  • Total global system-wide restaurant sales growth was 0.5%.
  • The operating margin was 3.8%, and operating income for the quarter declined 49.5% to $19.5 million.
  • The company held $36.6 million in cash and equivalents as of September 25, 2022. It generated an operating cash flow of $76.5 million for nine months with a free cash flow of $28.1 million.
  • Papa John's recorded 18 net unit growth in the quarter.
  • As of September 25, 2022, the company had $329.8 million remaining available for repurchase under the outstanding authorization.
  • The company declared a quarterly dividend of $0.42 per share, payable on November 25, 2022, to stockholders of record on November 14, 2022.
  • Outlook: Papa John's sees FY22 restaurant growth of 240 – 260 units.
  • "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," said CEO Rob Lynch.
  • Price Action: PZZA shares traded lower by 0.55% at $73.11 on the last check Thursday.
  • Photo Via Company
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