Food and Drink

Papa John’s Q1 revenues soar 24.9% to $511.7m

The group’s international revenues represented a 32.8% year-on-year climb from $26.1m (£18.8m) in Q1 FY20 to $34.6m (£24.9m) in the same period this year

Papa John’s has reported that its global revenues soared 24.9% year-on-year to $511.7m (£367.6m) during the first quarter of the year.

The group’s net income for the quarter ended 28 March 2021 also increased $25.4m (£18.2m) to $33.9m (£24.4m), as comparable sales grew both domestically and internationally.

While the group’s North American operations saw the highest rise in comparable sales of 26.2% year-on-year, its international sales also increased 23.2%.

Papa John’s international revenues represented a 32.8% year-on-year climb from $26.1m (£18.8m) in Q1 FY20 to $34.6m (£24.9m) in the same period this year.

Rob Lynch, president and CEO at the company, said: “Papa John’s started 2021 strongly, delivering our sixth straight quarter of industry outperformance and fourth of double-digit global sales growth.

“This momentum is a result of the hard work of our team members and the strength of our franchise system, who together have delivered sustainable business growth over the past seven quarters, reversing the prior six quarters of global restaurant sales declines.”

The firm also saw 68 net unit openings in the quarter, with its international arm accounting for 59 units, taking its global portfolio to 5,468.

Moreover, Papa John’s saw its free cash flow almost double year-to-year from $24.4m (£17.5m) at the end of the first quarter in FY20 to $52.7m (£37.9m) in FY21.

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