Welcome to First Bite, a Nation’s Restaurant News podcast, your daily source of news from NRN hosted by Holly Petre.
Today, we’re analyzing Papa Johns latest quarterly earnings call and its impact on the company’s business.
The momentum Papa Johns has seen throughout the pandemic is waning, according to the company’s latest earnings. The pizza restaurant chain saw 0.9% same-store sales growth in North America but an 8% drop internationally, due in large part to a challenging quarter in the U.K.
The biggest news was that Papa Johns took a 7-8% price increase in 2022 amid inflationary concerns while not rolling out value deals systemwide.
But the chain is confident that through growth and category ubiquity, sales will rise again even amid a recession.
Here’s NRN senior editor Joanna Fantozzi with an in-depth analysis of the earnings call.
Plus, catch up on all the top news of the day with our daily news recap at the beginning of each episode.