Wednesday August 16, 2023, 07:00:00
Back in April 2018, we published a note entitled “Papa Johns (PZZA): Starts Tiny Test of Beer Delivery.” We noted that the time that Papa Johns “has started a test of beer delivery at a unit in Jeffersonville, Indiana (the city in which Papa Johns was founded). Five beer brands – Miller Lite, Coors, Coors Light, Dos Equis, and Yuengling – are being made available for delivery customers as part of this test.”
Thursday August 3, 2023, 11:56:05
Earlier today (Thursday), Papa Johns announced that its second-quarter EPS came to $0.59, close to our $0.60 projection, and matching sell-side consensus (according to Consensus Metrix) of $0.59. We calculate that the Q2 adjusted tax rate amounted to 24.3%. This was unfavorable relative to our 22.5% projection and consensus of 22.6%. By our math, this detracted from Q2 EPS by about -1 cent. In other words, excluding this tax-rate issue, adjusted EPS in Q2 would have been $0.60.
Thursday May 4, 2023, 09:18:04
Earlier today, Papa Johns reported that its first-quarter adjusted EPS came to $0.68, above our $0.63 forecast and sell-side consensus (according to Consensus Metrix) of $0.67. We attribute the Q1 EPS beat relative to our forecasts due to better-than-projected Q1 margins at company-owned units (helped by company-owned same-store sales rising by +3.4%, better than our +0.5% estimate and consensus of +0.4%), and also in the domestic commissary business.