Papa John’s reported better-than-expected earnings for the first quarter with menu innovations like Epic Stuffed Crust helping to boost sales and bring in new customers.
Papa John’s first-quarter earnings topped expectations as the pizza chain held on to the momentum it saw during the coronavirus pandemic, even as the country reopens for business.
For the quarter ended March 28, net income rose to $33.9 million, or 82 cents per share, from $8.4 million, or 15 cents per share, a year earlier.
Excluding items, Papa John’s earned 90 cents per share, far exceeding earnings of 56 cents per share expected by analysts.
Revenue rose nearly 25% to $511.7 million from $409.9 million a year earlier, outpacing estimates of $471 million.
In North America, same-store sales rose 26.2%, beating the gain of 14.6% estimated by analysts. Its international business was also strong, with same-store sales rising 23.2% in the quarter, above the 17.4% increase projected.
CEO Rob Lynch said the sustained strength in its business is thanks to a strategy put in place in 2019 to focus on innovation, development, improving operations and building an inclusive company culture.