Papa John’s sales have soared, with May estimated same-store sales up 33.5% in North America. These results in Q2 “have really been built on a foundation that we were building in the first quarter, before the pandemic hit,” CEO Rob Lynch says.
said Wednesday that May estimated same-store sales shot up 33.5% in North America and 7% globally as the pizza chain worked to meet soaring demand during the coronavirus crisis.
"In May, for the second straight month, Papa John's team members and franchisees delivered the best sales period in the company's history," CEO Rob LynchShares of Papa John's gained about 7% in Wednesday's premarket, one day after closing 4.5% lower to over $74 each. The stock hit a 52-week high of $84 last week. Papa John's, based on Tuesday's close, was up almost 17.5% year-to-date compared to theIn April, preliminary estimated same-store sales jumped 26.
Papa John's said that "in the spirit of transparency during these uncertain times," the company will continue to provide business climate updates on a monthly basis through the end of the second quarter in June. "We entered the pandemic with strong growth and momentum, and are fortunate that our delivery and carry-out model has enabled us to meet an essential need for high-quality food, safely delivered to consumers' homes," Lynch said.The company added, "A number of non-traditional restaurants located in universities and stadiums are temporarily closed; these non-traditional locations are not material to the company's revenues and operating results.
Earlier this month, the company announced it earned an adjusted 41 cents per share in the first quarter. While profit best estimates, revenue of $409.9 million fell short of forecasts. For Q1, same-store sales for North America rose 5.3%.
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