Papa John’s revenues surge 17% in Q3
Papa John’s has announced that total group revenue increased 17.1% to $472m (£360.4m) in the third quarter ended 27 September, compared with $403m (£307.6m) in 2019.
Pre-tax income rose to $20.8m (£15.9m) in Q3 from $678,000 (£516,324) last year, attributed to an increase in demand during the global pandemic.
In the same period, comparable sales increased 23.8% in North America and 20.7% internationally.
Rob Lynch, president and CEO of Papa John’s, said: “Thanks to our focus on our strategic priorities, our commitment to an innovation mindset, and our dedication to supporting our team members and franchisees, Papa John’s delivered another quarter of outstanding results.
“Double-digit comparable sales growth, dramatically higher earnings and robust free cash flow all reflect a winning strategy and execution that have helped us outperform our competition and deliver five straight quarters of same store sales growth.”
Lynch added: “The new share repurchase program demonstrates our commitment to value creation in the near and long term, as well as our confidence in Papa John’s future.
“The tremendous progress we have made this year – a fast-growing customer base, a truly differentiated brand, a robust innovation pipeline and a vast global development opportunity – positions us to continue expanding our slice of the pizza and food delivery market, which itself has a promising future.”
