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Papa John’s (PZZA) sales streak continues, shares up 2%
Papa John’s (PZZA) shares rose on Tuesday after the restaurant company reported an 18.4% spike in North American sales during September as it extended its streak of double-digit growth to six months.
Papa John’s said that comparable sales in the US had soared 23.8% for the three-month period to 27th September, continuing a recent trend of strong growth.
Papa John’s benefited from the stay-at-home policies in place earlier in the year and has since added more jobs to keep up with the demand for delivery.
Sales are still climbing overseas, rising 23.3% for international restaurants during the last month and 20.6% for the quarter as a whole.
While the pandemic did force store closures initially, the vast majority of its 2,100 locations are now open and fully operational.
CEO Rob Lynch believes that the pizza chain can thrive during the coming months.
In a statement, he said: “We remain confident that our innovation pipeline, marketing and technology platforms, and strong operations will continue to support strong results during, and after, the pandemic.”
Papa John’s is now preparing to open a new headquarters in Atlanta that will host a range of core functions, including menu innovation, customer experience and communications.
The company also has a headquarters in London for its international operations.
PZZA stock jumped after the first bell on Tuesday following the latest sales news.
Shares were up 1.97% at just after 11am ET on the Nasdaq for an $85.02 share price.
Analysts are relatively bullish on Papa John’s at the moment.
PZZA has a consensus rating at buy with nine buy and five hold ratings.
The average price target is $93.46.
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