Papa John’s reports Q2 EPS 61c, consensus 53c

Reports Q2 revenue $507.9M, consensus $520.52M.Reports total global system-wide restaurant sales growth (0.7 %)… Commenting on second quarter results, Ravi Thanawala, Chief Financial Officer, stated, “Papa Johns’ commitment to maintaining the quality of our product and brand as well as managing our costs drove continued improvement in restaurant-level margins and Adjusted operating income, helping to offset our softer sales in the second quarter. During the quarter, demand for our core product – pizza, remained solid despite facing a highly promotional QSR environment and a more value-conscious consumer. “We recognize there is work to do to achieve our full potential. We are committed to doing what is necessary to become the pizza brand of choice for consumers and franchisees around the world,” continued Thanawala. “We are actively pursuing opportunities that sharpen our focus, improve unit economics, drive unit development and provide an excellent consumer experience. We are evolving our marketing to meet consumers’ value expectations, investing in our digital experience to streamline our ordering journey and enhancing our loyalty experience to drive consumer engagement.