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Papa John's International, Inc. has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing reports total revenues of $506.8 million for the quarter, a decrease from $522.8 million in the same quarter the previous year. This decrease is attributed to lower sales in Domestic Company-owned restaurants and International revenues.
Domestic Company-owned restaurant sales were $168.7 million, down from $177.2 million, with a comparable sales decline of 6.7% due to lower transaction volumes.
North America franchise royalties and fees decreased to $33.8 million from $35.0 million, reflecting a 5.3% decline in comparable sales.
North America commissary revenues increased to $210.4 million from $204.9 million, primarily due to higher commodity prices and a change in the commissary profit model.
International revenues decreased to $33.0 million from $42.9 million, impacted by the closure of UK Company-owned restaurants and refranchising activities.
Operating income increased to $65.2 million from $31.9 million, driven by a $41.3 million pre-tax gain on the sale of two Domestic Quality Control Centers.
Net interest expense decreased slightly to $10.6 million from $11.4 million, due to lower average outstanding debt.
Net income attributable to the Company rose to $41.8 million from $15.9 million, with diluted earnings per share increasing to $1.27 from $0.48.
The company reported cash provided by operating activities of $55.9 million, down from $126.9 million, due to higher tax payments and changes in working capital.
Papa John's ended the quarter with $732.4 million in outstanding debt, including $400 million in senior notes and $332.4 million under revolving credit facilities.
The company did not repurchase any shares during the quarter, maintaining $90.2 million available under its share repurchase authorization.
Papa John's declared a fourth-quarter dividend of $0.46 per share, consistent with previous quarters.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Papa John's International Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.