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Home / Business / Papa John's (PZZA) Q3 2019 Revenue falls short, but revenue slumps

Papa John's (PZZA) Q3 2019 Revenue falls short, but revenue slumps



Signs of Papa John & # 39; s International Inc. appear on top of a delivery vehicle outside the company's restaurant in Nashville, Tennessee.

Luke Sharrett | Bloomberg | Getty Images

Papa Johns shares jumped more than 3% in premarket trading Wednesday after the pizza chain announced an executive restructuring and reported quarterly revenue topping Wall Street's estimates.

Sales of the same store in North America were positive for the first time in two years and grew by 1

%.

Shares in the pizza chain, which has a market value of $ 1.8 billion, were up 43% this year, as of Tuesday's close.

CFO Joe Smith will leave the company in 2020 after almost 20 years in the company. He will remain in the role until Papa John's finds a successor.

Chief Operating and Growth Officer Mike Nettles and Chief Marketing Officer Karlin Linhardt will also leave after a transitional period.

The departures come when Papa Johns changes his management structure.

"As we introduce a more focused plan and strategic priorities for the company, we adapt Papa John's top management, foster company leadership and bring proven talent," said CEO Rob Lynch in a statement. [19659002] Lynch has been at the helm for two months. Prior to joining Papa John's to replace CEO Steve Ritchie, he was president of Arby's.

Max Wetzel will join the company as Head of Commercial and Marketing. Wetzel served as Head of Transformation Manager and Vice President of Consumer Brands at PPG Industries, a paint supplier.

Nettle's job as head of operations and head of growth will be divided into two roles. Jim Norberg, who is currently the company's head of restaurant operations, will take over as North America's head of administration. Jack Swaysland has been named operations manager for international markets.

Papa John & # 39; s also announced the results for the third quarter on Wednesday. Net sales rose 4.8% to $ 403.7 million, peaking at $ 386.9 million.

Papa Johns reported third quarter tax net income of $ 385,000, or a loss of 10 cents per share, up from a loss of $ 13.3 million, or 42 cents a year, a year earlier.

Excluding financial assistance to North American franchisees and other goods, the pizza chain earned US $ 21 per share, falling below Wall Street's expectations of US $ 23 per share.

Read the full income report here.


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