On February 27, 2025, Papa John's International, Inc. announced its financial results for the fourth quarter and full year ended December 29, 2024.
For Q4 2024, total revenues decreased 7.1% year-over-year to $530.8 million, while adjusted diluted EPS was $0.63, exceeding consensus estimates by 27.1%. North America comparable sales declined by 1.5%, and International comparable sales increased by 2.5%.
For the full year 2024, total revenues decreased 1.0% to $2.08 billion, with North America comparable sales down 2.0% and International comparable sales up 1.5%. Adjusted diluted EPS for the full year was $2.03.
The company provided its 2025 outlook, projecting system-wide sales growth of 2% to 5%, North America comparable sales to be flat to up 2%, and International comparable sales to grow 2% to 4%. Consolidated adjusted EBITDA is expected to be between $200 million and $220 million.
Capital expenditures for 2025 are estimated at $75 million to $85 million. The company plans to open 85 to 115 gross new restaurants in North America and 180 to 200 internationally, with closures anticipated at the higher end of historical averages.
Papa Johns also highlighted a North American supply chain optimization program targeting over $50 million in cost savings by 2028, aiming for at least a 1 percentage point margin improvement for the average North American restaurant. A planned sale of a 70% interest in a joint venture operating 85 domestic company-owned restaurants by the end of 2025 is expected to generate a pre-tax gain of $15 million to $20 million.
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