Papa John's 1Q profit muted by high cheese prices

Papa John's 1Q profit muted by high cheese prices

Net income flat despite 9.6% gain in domestic same-store sales

Commodity inflation ate into profit growth for Louisville, Ky.-based Papa John’s International Inc. in the March 30-ended first quarter. Though the operator or franchisor of Papa John’s Pizza grew same-store sales 9.6 percent in North America and 6.4 percent in its international division, its $19.3 million net income was essentially unchanged from its profit in the first quarter of 2013. During the most recent period, the market price for cheese, the brand’s biggest commodity, averaged $2.21 per pound, compared with $1.66 per pound a year earlier.
 

1Q NET INCOME

  ——  Result: $19.3 million, or 45 cents per share
         % Increase: flat (from $19.3 million, or 42 cents per share)

1Q REVENUE

Result: $401.4 million
% Increase: 12.9% (from $355.6 million)

1Q SAME-STORE SALES

% Increase at North American units: 9.6%


% Increase at international units: 6.4%


Source: Company report



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Contact Mark Brandau at [email protected] [6].
Follow him on Twitter: @Mark_from_NRN [7]