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Papa John’s Announces Second Quarter 2018 Results and Updates 2018 Outlook
LOUISVILLE, Ky.--(BUSINESS WIRE)--August 7, 2018--Papa John’s International, Inc. (NASDAQ: PZZA)today announced financial results for the three and six months ended July 1, 2018.
- Earnings per diluted share of $0.36 and adjusted earnings per diluted share of $0.49 in the second quarter of 2018, excluding the impact of China refranchising; adjusted earnings per diluted share down 24.6% from the second quarter 2017 of $0.65
- System-wide North America comparable sales decrease of 6.1%
- International comparable sales decrease of 0.8%; total international sales increase of 12.2%, driven by unit growth
- 35 net unit openings in second quarter of 2018 driven by international operations
- Company completed the refranchising of 34 company-owned restaurants in China during Q2
- Cash flow from operations of $74.2 million; free cash flow of $52.6 million for the first six months of 2018
- 2018 outlook revised downward including lowered adjusted EPS range of $1.30 to $1.80 as a result of negative sales trends
“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.”
The following information was filed by Papa Johns International Inc (PZZA) on Tuesday, August 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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