Papa John's reports Q1 EPS ex-items 31c, consensus 24c
Reports Q1 revenue $398.41M, consensus $385.54M. Reports System-wide North America comparable sales decrease of 6.9%; International comparable sales decrease of 0.1%; international franchise sales increase of 10.5%, excluding the impact of foreign currency. Steve Ritchie, President and CEO of Papa John's, said, "The first quarter was a time of promise for Papa John's. We made further progress in transforming the culture, thinking and momentum within the company. We have significantly strengthened and refreshed the company's leadership, adding talented members to the senior management team and highly-qualified directors to the board this year. At the same time, we continued reevaluating all aspects of our go-to-market strategy, identifying multiple opportunities to improve the customer experience, customer value proposition and franchisee unit economics. Last quarter, we made several improvements in the key drivers of our business. Substantial, positive change takes time and effort, but with the passion and dedication of our team members and franchise partners, I am very excited about the future of Papa John's."