Louisville / KY. (pj) Papa John’s International Inc., one of the world’s largest pizza delivery companies, announced financial results for the three months and full year ended December 26, 2021.
Fourth quarter 2021 highlights compared to prior year fourth quarter
- Total company revenues of USD 528.9 million, up 12.6 percent over 2020
- Comparable sales up 11.1 percent in North America and 2.4 percent Internationally; Global system-wide restaurant sales of USD 1.2 billion, up 13.1 percent from 2020 (excluding the impact of foreign currency)
- Earnings per diluted share grew 139 percent to USD 0.67; Adjusted earnings per diluted share grew 88 percent to USD 0.75
- Repurchased USD 52 million of common stock during the fourth quarter, completing the previous USD 75 million share repurchase authorization
Full year 2021 highlights compared to prior year
- Total company revenues of USD 2.1 billion, up 14.1 percent over 2020
- Comparable sales up by 11.8 percent in North America and 13.0 percent Internationally; Global system-wide restaurant sales of USD 4.8 billion, up 15.4 percent from 2020 (excluding the impact of foreign currency)
- 250 net unit openings driven by continued domestic and international growth
- Earnings per diluted share of USD 0.12, including Special items of USD 3.39 per share, largely related to repurchase and conversion of Series B Convertible Preferred Stock
- Adjusted earnings per diluted share grew to USD 3.51 from USD 1.40 in 2020
- Cash flow from operations of USD 184.7 million and free cash flow of USD 109.7 million for full year 2021
«In 2021 Papa Johns achieved strong comparable sales growth and industry outperformance for a second consecutive year, driving 15 percent system-wide sales gains and demonstrating our ability to sustain growth, even during one of the most uncertain and difficult business environments we have ever seen,» said President and CEO Rob Lynch. «On a two-year basis, comparable sales rose 29 percent in North America and 26 percent internationally last quarter, as our innovation culture continued to deliver high-value, premium products that customers love, such as Epic Stuffed Crust and New York Style pizza. With North America average annual unit sales exceeding USD 1.1 million and 2021 adjusted EPS of USD 3.51, a company record, I’m proud to say that we also delivered great value to our franchisees and shareholders.»
«While the current labor and commodity environment presents great challenges across the restaurant industry and the economy as a whole, we have been able to continue growing and protect margins thanks to Papa Johns differentiated strategy, premium position and our dedicated franchisees and team members, especially in our restaurants and vertically integrated supply chain. In addition, Papa Johns development momentum is at an all-time high. In one of our best years, we opened 250 net new units in 2021 and since last summer we have signed multiple historic development deals for the brand, including most recently for 1,350 new stores in southern China. In short, Papa Johns long-term growth outlook has never been brighter.»
For additional information please read the company’s PDF file below (76 KB).
20220224-PAPA-JOHNS-Q4-2021.