Papa John’s International, Inc. (NASDAQ:PZZA) announced today its preliminary estimates for comparable sales information for the Q2r up to the end of the May fiscal period.
Rob Lynch, President & CEO said, “In May, for the second straight month, Papa John’s team members and franchisees delivered the best sales period in the company’s history. ” and he added that PZZA “… entered the pandemic with strong growth and momentum, and are fortunate that our delivery and carry-out model has enabled us to meet an essential need for high quality food, safely delivered to consumers’ homes.”
“As states and communities slowly reopen, we continue to show strong performance. The success of ‘No Contact Delivery’ and new products like Papadias – both examples of a new culture of innovation at Papa John’s – continue to drive results. We wish for a speedy recovery and return to normal, and are optimistic about Papa John’s long-term future given the strong foundation that we have continued to build during these challenging times.”
Preliminary Estimated April and May 2020 Fiscal Period Comparable Sales
Preliminary, estimated comparable sales information for the first two fiscal periods of the three months ending June 28, 2020 (Periods 4 and 5 of the fiscal year), relative to the same periods in the prior year are as follows:
|Period 4||Period 5|
|Mar. 30, 2020, to|
Apr. 26, 2020
|Apr. 27, 2020, to|
May 24, 2020
| Comparable sales growth (a)|
|Domestic company-owned restaurants||22.0%||28.3%|
|North America franchised restaurants||28.4%||35.1%|
|System-wide North America restaurants||26.9%||33.5%|
|System-wide international restaurants (b)||1.4%||7.0%|
|(a)||Represents the change in year-over-year sales for the same base of restaurants for the same fiscal periods. Comparable sales results for restaurants operating outside of the United States are reported on a constant-dollar basis, which excludes the impact of foreign currency translation.|
|(b)||Includes the impact of temporarily closed stores. Excluding those stores, comparable sales growth for system-wide international restaurants would have been approximately 12% and 15% in Periods 4 and 5, respectively.|
Of the Papa John’s approximately 2,100 international franchised stores, approximately 320 are temporarily closed In the Middle East 115 stores, Latin America 105 stores and Europe 90 stores.
Papa John’s Int’l, Inc. (NASDAQ: PZZA) stock is one of the winners during the coronavirus pandemic, but share price lost its momentum on Monday (May 11) when one share was selling for $83.10, while the price closed on Tuesday (May 26) at $74.20. Will these results help PZZA stock go up or is this already priced in? We will know this at the end of the trading day.