Papa John's reports Q2 adjusted EPS 49c, consensus 54c
Reports Q2 revenue $407.96M, consensus $425.5M. Reports Q2 System-wide North America comparable sales decrease of 6.1%. Reports Q2 International comparable sales decrease of 0.8%; total international sales increase of 12.2%, driven by unit growth. "Earlier this year, we began implementing key changes in how we operate and market our products to refocus on quality and better connect with customers," said Steve Ritchie, President and CEO of Papa John's. "While results have been challenged by recent events, we are committed to these strategic priorities and continue to believe that they will lead to enhanced performance. We have also begun an external audit of Papa John's culture and will address any improvements that are recommended at its conclusion. Our entire leadership team understands the importance of getting our culture and business improvements right. We have important work ahead of us, and I feel certain that with the collective efforts of our 120,000 corporate and franchise team members that the best days for Papa John's are ahead."