Papa John's income climbs 56% in '09
February 24, 2010
by Eric Schroeder
LOUISVILLE, KY. — Net income at Papa John’s International, Inc. in the year ended Dec. 27, 2009, totaled $57,453,000, equal to $2.07 per share on the common stock, up 56% from $36,796,000, or $1.31 per share, in fiscal 2008. Net sales were $1,106,033,000, down 2.3% from $1,132,087,000. Papa John’s said the sales decline reflected a drop in commissary sales.
For the fourth quarter ended Dec. 27, net income was up 7% to $13,698,000, or 50c per share, from $12,776,000, or 46c per share, in the same period a year ago. Net sales in the quarter rose narrowly to $280,478,000 from $279,646,000.
“Our system had a solid fourth quarter and a very good 2009 in a challenging consumer environment,” said John Schnatter, founder, chairman and chief executive officer. “The investments made in our system over the last 15 months, supported by a favorable commodities environment, helped drive positive transaction momentum and some of the most profitable unit economics in the history of our company.”