By Dean Seal
Papa John's International recorded a smaller sales decline than analysts had expected in the third quarter while its earnings were boosted by lower costs.
The pizza chain posted a profit of $41.8 million, or $1.27 a share, compared with $15.9 million, or 48 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 43 cents a share, in line with the consensus estimate of analysts polled by FactSet.
Revenue decreased 3.1% to $506.8 million, topping analyst forecasts for $497.3 million, according to FactSet.
The top line decline was attributed to lower international revenue from the refranchising and closure of company-owned restaurants overseas. Comparable sales were down about 6% in North America and 3% internationally.
Chief Executive Todd Penegor said the company delivered earnings that were in line with internal expectations despite "a very challenging consumer environment."
The bottom line included a gain from the sale of two quality control center properties as well as lower interest expenses. Total costs and expenses for the quarter were 10% lower year-over-year.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 07, 2024 07:28 ET (12:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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