Papa John’s International, Inc. (NASDAQ:PZZA) shares fell on Thursday after weaker North America demand and a cautious consumer environment pressured quarterly results.
The pizza chain also faced continued promotional intensity in the quick-service restaurant market, overshadowing growth in its international business and expansion efforts.
Quarterly Details
The company reported first-quarter adjusted earnings per share of 32 cents, missing the analyst consensus estimate of 35 cents.
Quarterly sales of $478.609 million (down 7.7% year over year) missed the Street view of $485.685 million.
In the quarter under review, global system-wide restaurant sales were $1.20 billion, a 3% decrease compared with the prior year’s first quarter.
North America comparable sales declined 6.4% year over year, as comparable sales from domestic company-owned restaurants fell 5.2% and North America franchised restaurants decreased 6.7%.
“In …
This post was originally published here
