Papa John's 2Q net income slips, revenues up

by Meat&Poultry Staff
Share This:
LOUISVILLE, Ky. – Papa John’s International Inc. announced net income was $12.1 million for its second quarter of 2011, or $0.47 per diluted share, compared to $13.2 million for second quarter 2010, or $0.49 per diluted share. Revenues totaled $293.5 million, a 4.6 percent increase from revenues of $280.6 million for second quarter 2010

Net income was $28.6 million for the six months ended June 26, or $1.11 per diluted share, compared to net income of $30.1 million for the same period in 2010, or $1.11 per diluted share. Revenues were $606.0 million, a 7 percent increase from revenues of $566.4 million for the same period in 2010.

“We are pleased with our solid second quarter results,” said John Schnatter, Papa John’s founder, chairman and CEO. “Even in the face of what continues to be a challenging commodity cost and competitive environment, the Papa John’s system ran positive comp sales in both North America and our international business while adding 46 net new restaurants during the quarter. These results are a testament to the strength of our brand and our operators.”

Domestic company-owned restaurant sales increased $3.0 million, or 2.4 percent, and $12.1 million, or 4.7 percent, for the three and six months ended June 26, 2011, respectively, due to increases in comparable sales of 2.1 percent and 4.4 percent. International revenues increased $2.7 million, or 23.6 percent, and $4.7 million, or 21.3 percent, for the three and six months ended June 26, 2011, respectively, primarily due to increases in the number of restaurants and increases in comparable sales of 4.8 percent and 5.2 percent, calculated on a constant-dollar basis.
Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.

 

 


The views expressed in the comments section of Meat and Poultry News do not reflect those of Meat and Poultry News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.