Papa John’s: Announces Q3-2023 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 24, 2023. Highlights:

  • North America comparable sales were up 3 percent compared with the third quarter of 2022 as transaction growth delivered 6 percent comparable sales at Domestic Company-owned restaurants and 2 percent comparable sales at North America franchised restaurants; International comparable sales were down less than 1 percent from a year ago.
  • 45 net unit openings in the third quarter driven by International growth; North America outlook remains solid but lowering 2023 development expectations to 245 to 260 net new units due to the dynamic geopolitical environment.
  • Global system-wide restaurant sales were USD 1.23 billion, a 5 percent(a) increase from the prior year third quarter.
  • Total revenues of USD 523 million were up 2 percent from the third quarter a year ago driven by higher Domestic Company-owned restaurant sales and higher International revenues resulting from the consolidation of recently acquired restaurants in the UK.
  • Operating income of USD 32 million increased 64 percent from the third quarter of 2022, while adjusted operating income of USD 34 million was in line with the prior year period.
  • Diluted earnings per common share was USD 0.48, compared with USD 0.23 for the third quarter of 2022; Adjusted diluted earnings per common share(b) was USD 0.53, compared with USD 0.54 for the third quarter a year ago.
«Strong execution by our teams and franchisees led to solid system-wide restaurant sales growth, transaction-led North America comp growth and improving North America restaurant-level margin in the third quarter,» said Rob Lynch, Papa Johns president and CEO. «Our ability to grow transactions in an ongoing challenging environment, while maintaining average ticket, confirms the strong consumer demand for our product offerings. Menu innovation, revenue management enhancements, and continued growth in our third-party aggregator channel contributed to our year-over-year sales growth this quarter.»

For additional information please read the company’s PDF file below (180 KB).