(Bloomberg) -- Papa John’s International Inc. posted second-quarter sales that beat analysts’ expectations -- showing that diners are still hungry for pizza more than a year into the pandemic.
For the key metric of same-store sales, the pizza chain reported a 5.2% gain in North America -- well above analysts’ average estimate of 1.1%. International same-store sales also came in higher than Wall Street expectations.
Pizza delivery chains and fast-food restaurants, with their socially distant business models, have seen levels of growth that sit-down restaurants and their investors have only yearned for since the outbreak. Using a pre-pandemic comparison further illustrates how well Papa John’s has done, with total sales up 33% in North America from the same period in 2019. The results also reinforce how Chief Executive Officer Rob Lynch has helped Papa John’s leave behind a series of headaches related to founder John Schnatter.
In the statement, Lynch said the company’s strategy “position us solidly for long-term growth.”
The company posted a loss of $2.30 on a per-share basis -- mostly due to a one-time charge of $110 million related to the repurchase of stock.
In a separate statement, Papa John’s said it will partner with its largest franchisee, Drake Food Service International, to open more than 220 new restaurants in Latin America, Spain, Portugal and the U.K. by 2025.
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