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Scripps News
Pizza giant Papa Johns had a lackluster third quarter, the company reported Thursday.
Like other quick service food industry companies such as KFC, also a Louisville-based company, Papa Johns is seeing decreased demand and sales to consumers as the focus from buyers shifts to the value perception, Papa Johns CFO Ravi Thanawala said during the company’s earnings call Thursday morning.
To revitalize the company’s brand value perception — the consumer’s evaluation of how valuable the pizza is — Papa Johns also announced the hiring of Jenna Bromberg as the chief marketing officer with plans for her to focus on “brand development, digital customer experience and creative initiatives.”
“During the third quarter, we delivered earnings in line with our expectations in what continues to be a very challenging consumer environment,” said Todd Penegor, Papa Johns recently announced president and CEO.
The third quarter ushered in a drop of 6% in North American comparable sales, the company reported. The downward trend in sales was also supported by a decrease in both company-owned domestic restaurants and North American franchised restaurants.
Despite the loss of restaurants this quarter, which company leadership said is part of a strategic move to close low-performing stores, the company anticipates more than 100 gross restaurant openings for the fiscal year 2024 in North America.
Papa Johns has faced a transitional year after the former CEO resigned in March. The company was intermittently led by Thanawala until Penegor was tapped as the next company leader in August.
Contact business reporter Olivia Evans at [email protected] or on X, the platform formerly known as Twitter at @oliviamevans_.
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Publish date : 2024-11-07 03:10:00
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