Papa John’s (NASDAQ: PZZA) stock looked forward to positive developments early Thursday, Wednesday after the pizza chain announced an executive reshuffle and reported quarterly revenue that topped Wall Street’s estimates.
Same-store sales in North America turned positive for the first time in two years, growing by 1%.
Third-quarter 2019 loss per diluted share was 10 cents as compared to third quarter 2018 loss per diluted share of 42 cents. Third-quarter system-wide North America comparable sales increase of 1.0%
Third-quarter international comparable sales increase of 1.6%; international franchise sales increase of 10.1%, excluding the impact of foreign currency
The company re-franchised 44 restaurants in the third and fourth quarters
CEO Rob Lynch said, "We are very pleased to have positive comparable sales in North America for the first time in two years. I have spent a large part of my first two months meeting with our franchisees, team members, and other key stakeholders.
"We are all focused on the right things – reinforcing the quality of our food, improving our unit economics, and promoting a company culture that sets us up to win for years to come."
Meantime comes word that Chief Financial Officer Joe Smith will leave the company in 2020 after nearly 20 years at 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 be departing after a transition period.
The departures come as Papa John’s switches up its management structure.
Shares opened the oven Thursday up 42 cents to $61.33
