Papa Johns International has reported attributable net income of $15.8m for the third quarter (Q3) of 2023, a surge of 90% compared to $8.3m a year previously.
For the quarter ended 24 September 2023, total revenues increased by 2% to $522.81m from $510.51m in the same period of 2022.
During the quarter, Papa Johns' operating income rose to $31.8m from $19.4m a year earlier.
Its revenues from domestic company-owned restaurants during the period were up $11.1m, reflecting a comparable sales growth of 5.9%.
International revenues grew $3.2m, or 12.5%, excluding the impact of the UK company-owned restaurants as new unit development drove increases.
Papa Johns' global system-wide restaurant sales in Q3 2023 were $1.23bn, up 5.1% year-on-year.
In North America, the company’s comparable sales increased by 3% compared to the same period a year previously.
The restaurant company’s diluted earnings per common share for the quarter were $0.48, versus $0.23 in 2022.
During the period under review, Papa Johns International opened 45 net units.
Papa Johns' president and CEO Rob Lynch stated: “Strong execution by our teams and franchisees led to solid system-wide restaurant sales growth, transaction-led North America comp growth, and improving North America restaurant-level margin in the third quarter.
“Our ability to grow transactions in an ongoing challenging environment, while maintaining average ticket, confirms the strong consumer demand for our product offerings.
“Menu innovation, revenue management enhancements and continued growth in our third-party aggregator channel contributed to our year-over-year sales growth this quarter.”
