Thursday November 2, 2023, 12:35:59
By Mark Kalinowski
Earlier today (Thursday), Papa Johns reported adjusted Q3 EPS of $0.53. This was below our $0.60 projection and sell-side consensus (according to Consensus Metrix) of $0.57. The company points out the “dilutive impact of our recently acquired restaurants in the UK.” This factor will pressure EPS over Q4 2023-Q2 2023 as well. Management comments that “We now expect our adjusted operating margins in 2023 to be down when compared with 2022 primarily driven by the recent acquisition of the UK restaurants. This headwind will offset the benefit of the 53rd week and positive impact of our operational excellence initiatives within our domestic company owned restaurants.”
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Wednesday August 16, 2023, 07:00:00
By Mark Kalinowski
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.”
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Thursday August 3, 2023, 11:56:05
By Mark Kalinowski
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.
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