PZZA Raising EPS Estimates Based on Appetizing Sales Trends

Earlier today, Papa John’s (PZZA; Buy, $76.32) reported that its North American same-store sales rose by a remarkable +33.5% for the April 27-May 24 timeframe. This comes on the heels of the previously-announced +26.9% for March 30-April 26, suggesting that Q2-to-date North American same-store sales are up by roughly +30% through May 24th. We raise our full-Q2E forecast by +900 basis points to +28.0%, which includes implied projections for May 25-June 28 of +20% for company-owned stores and +25% for franchised outlets.

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