Papa Johns Misses Q1 Estimates on Weak Consumer Demand
Papa Johns missed first-quarter revenue and profit estimates as high living costs weighed on US demand. North America comparable sales fell 6.4% in the period.
PAPA JOHN'S INTL INC missed first-quarter revenue and profit estimates on May 7 as high living costs curbed diner spending. The pizza chain's shares fell 4% during morning trading following the results. Investors are weighing the earnings miss against a $1.5 billion buyout offer from Irth Capital.
### North American Sales Slump North America comparable sales fell 6.4%, marking the third consecutive quarter of declines for the region. This drop includes both franchise and company-owned locations in the United States. CEO Todd Penegor said the company is navigating a cautious consumer environment and a highly promotional marketplace.
