On November 7, 2024, Papa John's International, Inc. announced its financial results for the third quarter ended September 29, 2024, reporting total revenues of $403.7 million, an increase of 4.8% compared to the prior year period.
The company reported a diluted loss per share of ($0.10), an improvement from a diluted loss per share of ($0.42) in the third quarter of 2018. Adjusted diluted earnings per share, excluding Special items, was $0.21, up from $0.19 in the third quarter of 2018.
System-wide North America comparable sales increased by 1.0%, marking the first positive comparable sales growth in North America in two years, while international comparable sales increased by 1.6%.
President and CEO Rob Lynch highlighted the positive comparable sales in North America as a significant achievement, attributing it to a focus on reinforcing food quality, improving unit economics, and promoting a winning company culture.
The company also noted that it refranchised 44 restaurants during the third and fourth quarters and revised its 2019 outlook for comparable sales and net global unit development, though specific revised figures were not provided.
Total debt outstanding as of September 29, 2019, was $378.1 million, a reduction of $246.9 million from December 30, 2018, primarily due to the use of proceeds from the issuance of Series B preferred stock to Starboard to repay debt.
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