PZZA - Papa John's shares edge higher on narrow earnings beat

Papa John’s International (NASDAQ:PZZA) shares gained on Thursday morning after the company edged out earnings estimates for the first quarter. The Louisville, Kentucky-headquartered chain beat EPS estimates by just one cent while revenue moved beyond expectations by just $2.31 million. Overall comparable sales rose 1.6%, led by a 2.8% gain in North American franchised restaurants. The total growth marked a 25.4% jump from the prior year. Moving forward, the company raised its restaurant growth outlook for the full year for up to 320 net new units and projected growth to 6% to 8% annually for fiscal 2023 through 2025. “Last quarter we maintained our development momentum with strong new restaurant openings and significantly expanded and strengthened our pipeline with major new deals,” CEO Rob Lynch said. “With system-wide momentum, sustained comparable sales outperformance and accelerating unit growth, Papa Johns (PZZA) is well-positioned and executing, regardless of the short-term macroeconomic environment,

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Papa John's shares edge higher on narrow earnings beat