Papa John’s reports Q1 EPS 36c, consensus 35c

Reports Q1 revenue $518.3M, consensus $514.0M. North America comparable sales were down 3% from a year ago as Domestic Company-owned restaurants were down 5% and North America franchised restaurants were down 2%; International comparable sales were up 3% compared with the prior year quarter. “We are pleased with our continued progress in the first quarter to advance our transformation as we execute against our five key priorities. Our strategic investments in marketing and technology are driving early momentum in the business, and customers are responding positively to our strengthened value proposition and enhanced digital and loyalty experiences, as evidenced by sequential improvement in comparable sales and transactions,” said Todd Penegor, CEO. “First quarter results were in line with our expectations, and we are confident we have the right team and strategy to grow restaurant sales, generate sustainable profits throughout the system, and build long-term value for all of our stakeholders.”