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Benzinga
Benzinga
Business
Shivani Kumaresan

Papa John's Q1 Earnings Exceed Expectations

  • Papa John's International Inc (NASDAQ:PZZAreported first-quarter FY22 sales growth of 6% year-on-year to $542.69 million, beating the consensus of $540.39 million.
  • Adjusted EPS of $0.95 topped the Street view of $0.94.
  • Total comparable sales growth was 1.6% versus 25.4% the prior year. Comparable sales improved 1.9% in North America and 0.8% Internationally.
  • Total global system-wide restaurant sales growth was 5.3%.
  • The operating margin was 2.7%, and operating income for the quarter plunged 69.2% to $14.4 million.
  • The company held $80.7 million in cash and equivalents as of March 27, 2022. It generated an operating cash flow of $25.4 million for the quarter with a free cash flow of $15.2 million.
  • Papa John's recorded 62 net unit growth in the quarter. As of March 27, 2022, there were 5,524 Papa John's restaurants operating in 49 countries and territories.
  • The company has $369.1 million remaining available under its share repurchase program as of April 29, 2022.
  • The company's Q2 dividend of $0.35 per common share will be paid on May 27, 2022, to stockholders of record on May 16, 2022.
  • Outlook: Papa John's raised its FY22 restaurant growth outlook to 280 – 320 units from 260 – 300 units.
  • Price Action: PZZA shares traded higher by 4.34% at $96.80 on the last check Thursday.
  • Photo Via Wikimedia Commons
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