US-based pizza chain Papa John’s International has reported a 2% increase in total revenues to $2.10bn for the year ended 25 December 2022, representing an increase of $34m compared to the same period in the prior year.
The growth has been attributed to a 14.2% increase in North American commissary revenues, as well as a 4.5% increase in system-wide units and positive comparable sales for the year.
However, Papa John’s noted that the growth was partially offset by lower global revenues for the restaurant brand.
During FY 2022, the company’s global system-wide restaurant sales stood at $4.84bn, which was an increase of 3% in comparison to the previous year.
The company’s North America comparable sales also grew by 1% compared to the prior year and were up by 30% on a three-year stack.
Its international comparable sales saw a decline of 5% from a year ago but still increased by 20% on a three-year stack.
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Papa John’s reported diluted earnings per common share of $1.89, compared with $0.12 for 2021, and adjusted diluted earnings per common share of $2.94, compared with $3.51 for the previous year.
Driven by continued international growth, the company opened a total of 244 net units in 2022.
Papa John’s president and CEO Rob Lynch said: “We had a strong finish to 2022, posting our third straight year of positive North America comparable sales.
“Our performance demonstrates the resiliency of our brand, the agility of our teams and the strength of our business model despite the macro headwinds we faced.
“This past year, we continued to introduce impactful menu innovations, such as our Epic Pepperoni Stuffed Crust and New York Style pizzas, addressed the need of value-seeking consumers with Papa Pairings, continued to grow our Papa Rewards loyalty programme and further expanded our footprint domestically and internationally.”
