Papa John's misses on profit and revenue but beats same-store sales expectations, stock is indicated higher

Papa John's International Inc. (PZZA) reported Thursday third-quarter profit and revenue that missed expectations, but same-store sales growth that doubled forecasts. The pizza seller's stock was indicated up about 1% in the premarket. Net income rose to $15.9 million, or 48 cents a share, from $8.2 million, or 23 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 53 cents missed the FactSet consensus of 57 cents. Revenue grew 2.4% to $522.8 million, below the FactSet consensus of $530.3 million. Total same-store sales rose 2.2% to beat the FactSet consensus of a 1.1% increase, as domestic company-owned restaurants saw growth of 5.9% and international restaurants saw a decline of 0.3%. The stock has dropped 20.0% over the past three months while the S&P 500 has declined 6.1%.

-Tomi Kilgore

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11-02-23 0718ET

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