The ICR Conference, the food and retail industry's investor event, occurred earlier this month with many public companies presenting key findings and future plans.
Executive editor Alicia Kelso attended the conference and was able to speak with executives. Many of those conversations will appear on our website in the upcoming days and weeks.
Today, she spoke with First Bite about what she learned from the 2024 conference and how Papa Johns stood out to her among the crowded rooms.
Papa Johns announced its Back to Better 2.0 strategy, a comprehensive plan focused on driving comp sales, average unit volumes, margins, and net new unit growth. The company spent the past six months putting the plan together, working alongside franchisees for what CEO Rob Lynch said will create “transformational changes in the system.”
Papa Johns has had a remarkable run the past several years, including and especially through the pandemic. One thing impacting franchisees’ margins, however, has been the company’s marketing expenditure. For about the past decade, the company’s required rate has been 8% – 5% for national and 3% for local marketing.