Pizza Restaurant Chain Papa John's Scales Back 2023 Expansion Strategy Mirroring Geopolitical Trends: Here's Details
Portfolio Pulse from Akanksha Bakshi
Papa John's International, Inc (NASDAQ:PZZA) reported a 2.4% Y/Y increase in Q3 FY23 revenue to $522.8 million, missing the consensus of $530.50 million. Adjusted EPS was $0.53, down from $0.54 in 3Q22, also missing the consensus of $0.57. The company opened 45 net units in the quarter, driven by international growth. However, PZZA is scaling back its 2023 expansion strategy due to the dynamic geopolitical environment, lowering its development expectations to 245-260 net new units from the previous 270-310. PZZA shares are trading lower by 4.17%.
November 02, 2023 | 5:45 pm
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Papa John's missed Q3 FY23 revenue and EPS consensus, and is scaling back its 2023 expansion strategy due to geopolitical environment. Shares are down.
Papa John's missed its Q3 FY23 revenue and EPS consensus, which is likely to negatively impact investor sentiment. Additionally, the company's decision to scale back its 2023 expansion strategy due to geopolitical environment could further dampen investor confidence, leading to a potential decrease in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100