Papa John’s misses profit and revenue expectations, but same-store sales beats and dividend gets a 20% boost

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Shares of Papa John’s International Inc. PZZA,
+2.06%
edged up 0.2% in premarket trading Thursday, after the pizza seller reported second-quarter profit and revenue that came up short of expectations, amid acceleration in commodity costs and labor inflation, and weakness overseas, while North America same-store sales rose more than forecast and the company boosted its dividend by 20%. The company swung to net income of $25.4 million, or 70 cents a share, from a loss of $32.3 million, or $2.30 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 74 cents from 93 cents, just below the FactSet consensus of 75 cents. Revenue rose 1.5% to $522.7 million, but missed the FactSet consensus of $529.6 million. Same-store sales in North America rose 0.9% to beat expectations of a 0.5% rise, but dropped 8.0% internationally versus expectations of a 0.3% decline. Separately, the company raised its quarterly dividend to 42 cents a share from 35 cents, with the new dividend payable Aug. 26 to shareholders of record on Aug. 15. The stock has gained 4.3% over the past three months through Wednesday, while the S&P 500 SPX,
+1.56%
lost 3.4%.

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Credit: www.marketwatch.com /

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