Papa John’s: Announces Third Quarter 2021 Financial Results

Louisville / KY. (pj) Papa John’s International Inc., one of the world’s largest pizza delivery companies, announced financial results for the three and nine months ended September 26, 2021. Third quarter 2021 highlights compared to prior year:

  • Total company revenues increased 8.4 percent to USD 512.8 million
  • Comparable sales up 6.9 percent in North America and 8.3 percent Internationally; Global system-wide restaurant sales of USD 1.2 billion, up 11.2 percent driven by continued benefit from innovation strategies and accelerating unit growth
  • 46 net unit openings driven by strong International openings
  • Earnings per diluted share of USD 0.79; Adjusted earnings per diluted share grew to USD 0.83 from USD 0.35 a year ago
  • For first nine months of 2021, cash flow from operations of USD 193.6 million, up from USD 168.5 million a year ago; free cash flow of USD 145.9 million up from USD 134.0 million
  • New USD 425 million share repurchase program authorized

«With hard work, dedication and the support of our customers, Papa John’s team members and franchisees delivered another quarter of industry outperformance in Q3, as system-wide sales grew 11.2 percent and adjusted EPS more than doubled. Comparable sales in North America and internationally grew 6.9 percent and 8.3 percent, respectively, on top of last year’s tremendous results, as our innovation strategy continues to attract new customers and engage our loyal ones, while also driving sustainable ticket growth,» said President and CEO Rob Lynch. «Escalating interest and excitement among new and existing franchisees continues to accelerate unit growth and led to signing our largest international and domestic development deals ever last quarter.»

«We also are delivering on our commitment to optimize our capital structure and allocation priorities to support long-term value creation and growth. Last quarter we strategically refinanced our debt and this morning announced a new USD 425 million share repurchase program. Now, more than two years into our brand’s return to positive results, with the foundations of our business stronger than ever, Papa John’s has passed the inflection point from turn-around to long-term growth story. I’m excited to say that we are all firmly focused on the future and realizing our enormous global opportunity.»

For additional information please read the company’s PDF file below (112 KB).

20211105-PAPA-JOHNS-Q3-2021
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