Papa Murphy’s Holdings Inc. reported Wednesday a same-store sales increase of 5.6 percent for domestic systemwide locations during the first quarter ended March 30.
Same-store sales rose 6.4 percent for company-owned units and 5.5 percent for domestic franchised locations, the company said.
Net income was $2.6 million, or 15 cents per share, jumping more than 200 percent, from $819,000, or a loss of 20 cents per share, a year ago.
Revenue increased 16 percent, to $29.2 million.
“Our operating momentum continued into the first quarter with strong top and bottom-line growth. Our continued strong results, including a 17th consecutive quarter of comparable store sales growth, were driven by an innovative new product pipeline and consistent improvement in operations,” Ken Calwell, Papa Murphy’s president and CEO, said in a statement.
Papa Murphy’s has an opportunity to grow sales and expand margins, while at least tripling its unit count, Calwell added.
Papa Murphy’s projected systemwide same-store sales growth of about 3 percent for the full year. The chain expects to add 110 to 115 new domestic units, including 10 to 15 locations that will be company owned.
The Vancouver, Wash.-based operator ended the quarter with more than 1,475 franchised and corporate units in 38 states, Canada and the United Arab Emirates.
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