Papa john's stock jumps after executive reshuffle announcement and revenue beat
Papa john's stock jumps after executive reshuffle announcement and revenue beat"
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
Papa John's International Inc. signage is displayed on top of a delivery vehicle outside of the company's restaurant in Nashville, Tennessee. Luke Sharrett | Bloomberg | Getty
Images Papa John's stock jumped more than 6% in afternoon trading 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%. "We're finally starting to turn a corner on some of the
challenges that we've faced over the last couple of years," CEO Rob Lynch said in an interview. "... But I absolutely wouldn't say that we're out of the woods."
Shares of the pizza chain, which has a market value of $1.8 billion, were up 43% this year, as of Tuesday's close. 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. Lynch, who has been at the helm for two months, said
in an interview that the company has lacked focus in the last few years as executives have been trying to stabilize the business. The new management team will be 9 people, down from 16.
Prior to joining Papa John's to replace CEO Steve Ritchie, Lynch led a turnaround at Arby's by improving operations, creating new menu items and using fun marketing to catch
customers' attention. "It's kind of the same playbook, and hopefully we get the same results that we got at Arby's," Lynch said. Max Wetzel will join the company as
chief commercial and marketing officer. Wetzel served as chief transformation officer and vice president of consumer brands at PPG Industries, a paint supplier. Nettles' job as chief
operating and chief growth officer will be split into two roles. Jim Norberg, who is currently the company's head of restaurant operations, will take over as chief operating officer for
North America. Jack Swaysland has been named chief operating officer for international markets. Papa John's also announced its fiscal third-quarter results Wednesday. Net sales rose
4.8% to $403.7 million, topping estimates of $386.9 million. Papa John's reported fiscal third-quarter net income of $385,000, or a loss of 10 cents per share, up from a loss of $13.3
million, or 42 cents per share, a year earlier. Excluding financial assistance to North American franchisees and other items, the pizza chain earned 21 cents per share, falling short of Wall
Street's expectations of 23 cents per share. Read the full earnings report here.
Trending News
China's central bank is poised to cut interest rates amid trade war, economist saysThe People's Bank of China is expected to lower interest rates twice later in 2019 and once in 2020 amid the country's o...
Hughes wary of rushing back Stoke duoMark Hughes is wary of rushing back Mame Biram Diouf and Ryan Shawcross ahead of Stoke City's Premier League clash with ...
Men with school-age daughters less likely to be sexist: studyA representative sample of parents from a survey spanning two decades in the UK between 1991 and 2012 were assessed on w...
Falcao nets again as Monaco go top of Ligue 1 | FourFourTwoNews Falcao nets again as Monaco go top of Ligue 1ByFourFourTwo Staff published18 November 2016 Monaco have gone top of ...
In a world dominated by national self-interest, britain still has a global role | thearticleDonald Trump is in the doghouse again. This time, it is for his resumption of the “America First” rhetoric that won him ...
Latests News
Papa john's stock jumps after executive reshuffle announcement and revenue beatPapa John's International Inc. signage is displayed on top of a delivery vehicle outside of the company's rest...
U. S. Arrests 175 mexican drug trade suspectsWASHINGTON — In what prosecutors said was a significant step in fighting the drug wars raging on the U.S.-Mexico border,...
Koeman wants Everton to improve with LukakuRonald Koeman looked to end controversy over his recent comments about Romelu Lukaku by insisting the Belgium striker ca...
In mexico, a bounty on every headMEXICO CITY — Perhaps nothing reveals this country’s kidnapping dread better than one product now on offer from a Mexica...
Of jhansi ki rani, the woman who rewrote indian history_(This article is being republished from THE QUINT’s archives to mark Rani Lakshmi Bai’s death annaiversary. It was orig...