Papa John’s: Announces Fourth 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 fourth quarter and year ended December 25, 2022.

Fourth quarter 2022 highlights compared to prior year fourth quarter

  • North America comparable sales were up 1 percent from a year ago and up 26 percent on a three-year stack; International comparable sales were down 3 percent from a year ago and up 20 percent on a three-year stack.
  • 117 net unit openings in the fourth quarter largely within international markets.
  • Global system-wide restaurant sales were USD 1.20 billion, a 3 percent increase over the prior year.
  • Total revenues of USD 526 million were down USD 3 million, or less than 1 percent, from a record fourth quarter 2021. Revenues increased 3 percent excluding the impact of refranchising 90 restaurants in the first quarter of 2022.
  • Diluted earnings per common share of USD 0.66, compared with USD 0.67 for 2021; adjusted diluted earnings per common share of USD 0.71 compared with USD 0.75 a year ago.

Full year 2022 highlights compared to prior year

  • North America comparable sales were up 1 percent from a year ago and up 30 percent on a three-year stack; International comparable sales were down 5 percent from a year ago and up 20 percent on a three-year stack.
  • 244 net unit openings for the full year 2022 driven by continued international growth.
  • Global system-wide restaurant sales were USD 4.84 billion, a 3 percent increase over the prior year.
  • Record total revenues of USD 2.10 billion were up USD 34 million, or 2 percent, from 2021.
  • Diluted earnings per common share of USD 1.89 compared with USD 0.12 for 2021; adjusted diluted earnings per common share of USD 2.94 compared with USD 3.51 a year ago.

«We had a strong finish to 2022, posting our third straight year of positive North America comparable sales,» said President and CEO Rob Lynch. «Our performance demonstrates the resiliency of our brand, the agility of our teams and the strength of our business model despite the macro headwinds we faced. This past year, we continued to introduce impactful menu innovations, such as our Epic Pepperoni Stuffed Crust and New York Style pizzas, addressed the need of value-seeking consumers with Papa Pairings, continued to grow our Papa Rewards loyalty program and further expanded our footprint domestically and internationally.»

«Looking ahead to 2023, we will continue to grow on top of the solid foundation we have built over the past three years as we deliver on our strategic priorities and build the world’s best pizza company,» added Lynch. «Investments in product and digital innovation, combined with strong operational excellence, will continue to enhance the customer experience and contribute to healthy North America comparable sales and unit economics. Our differentiated brand positioning, winning product innovation and operational excellence will continue to deliver strong unit development and system-wide sales growth globally.»

For additional information please read the company’s PDF file below (162 KB).

20230226-PAPA-JOHNS-Q42022.