Papa John’s FY revenues fall 4% to $2.06bn

Papa John’s has revealed that total revenues fell by 4% to $2.06bn (£1.64bn) in the year to 29 December 2024, as global restaurant sales fell by 3% to $4.85bn (£3.85bn).

It comes as North American sales were down 4% from 2023, while sales at the group’s international restaurants fell by 1% during the same period. 

During the fourth quarter, global sales fell by 8% to $1.23bn (£980m) due to the additional week of operations during the period. Excluding the additional week, global sales were flat from the prior year. 

Meanwhile, total revenues for the fourth quarter were down by 7% to $531m (£421.5m) compared with the same quarter the year before. 

While the pizza chain also saw sales fall by 4% in North America during the fourth quarter, international sales rose by 2% compared with the prior year.  

The group revealed that there were a total of 122 restaurants opened in the fourth quarter, with 63 opening across North American and a further 83 opening in its international markets. 

Todd Penegor, president and CEO of Papa John’s, said: “I am pleased with the early progress we are seeing in our transformation as we work to improve our value perception, simplify our operations, and enhance our digital and loyalty experiences. These efforts helped to deliver results consistent with our fourth quarter expectations.

“We have defined our strategic priorities to take market share as we move forward with urgency to execute on initiatives to drive sales momentum in the near-term while meaningfully increasing profitability over time.” 

He added: “Our number one priority continues to be creating great experiences for our customers and team members in our restaurants – ensuring the restaurant economic model remains strong. We are confident that we have the right plan in place to deliver on our promise to be the best pizza makers in the business.”