Papa John’s reports Q1 adjusted EPS 32c, consensus 37c

Reports Q1 revenue $478.6M, consensus $485.52M. North America comparable sales decreased 6.4% from a year ago as comparable sales from Domestic Company-owned restaurants were down 5.2% and North America franchised restaurants were down 6.7%; International comparable sales increased 3.6% compared with the prior year first quarter. “First quarter results reflected continued strong performance in our International markets where we delivered the sixth consecutive quarter of positive comparable sales. In North America, results were in line with our expectations as we navigate the cautious consumer environment and promotional QSR marketplace,” said Todd Penegor, President and CEO. “As we look ahead, we are focused on advancing our transformation strategy, including through an expanded range of value options and leaning aggressively into innovation. Execution in these areas will enable us to meet customers where they are and unlock more layers of growth. Exciting strategic partnerships such as our collaboration with Toy Story 5 ahead of the film’s upcoming theatrical release on June 19th, are visible examples of the progress we are making in these areas. Additionally, we’re elevating our digital ordering experience through the new Google Gemini Enterprise CX Food Ordering Agent,” continued Penegor. “In sum, we are taking a disciplined approach to managing the near-term market dynamics, while building for the future as the best pizza makers in the business,” Penegor concluded.