Papa John's 2Q net income slips, revenues up
Aug. 3, 2011
by Meat&Poultry Staff
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.