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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Thursday May 4, 2023, 09:18:04
By Mark Kalinowski
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.
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Sunday April 2, 2023, 12:25:45
By Mark Kalinowski
The average unit volume for a Papa John’s U.S. franchised store open for the entirety of 2022 was $1,133,480. If one presumes that roughly 75% of this came through digital orders, that makes the digital sales about $850,110.
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