Papa John's International Q2 North America Comparable Sales -4%, Domestic Company-owned Restaurants -3%, International Comparable Sales Flat
Portfolio Pulse from Benzinga Newsdesk
Papa John's International reported a 4% decline in North America comparable sales for Q2, with domestic company-owned restaurants down 3% and international comparable sales flat. The company also saw 31 net unit closures, including 43 company-owned restaurants in the UK. Global system-wide restaurant sales decreased by 1% to $1.20 billion.
August 08, 2024 | 11:03 am
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Papa John's International reported a 4% decline in North America comparable sales for Q2, with domestic company-owned restaurants down 3% and international comparable sales flat. The company also saw 31 net unit closures, including 43 company-owned restaurants in the UK. Global system-wide restaurant sales decreased by 1% to $1.20 billion.
The decline in North America comparable sales and the net unit closures, particularly in the UK, are negative indicators for Papa John's. The flat international sales and overall 1% decrease in global system-wide sales further contribute to a negative short-term outlook for the stock.
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