Papa John’s International Inc. capped off its fiscal 2011 with what founder and chief executive John Schnatter called “an exceptional fourth quarter,” increasing the 3,883-unit chain’s store count, same-store sales and net income.
For the fourth quarter ended Dec. 25, 2011, Papa John’s net income was $15.98 million, or 65 cents per share, up 14 percent from $14.03 million, or 55 cents per share, a year earlier.
Fourth-quarter revenue increased 6.8 percent to $306.2 million, compared with $286.8 million in the year-ago period, reflecting 103 net openings worldwide and same-store sales increases of 1.7 percent for North America and 5.2 percent for the chain’s international system.
Full year net income totaled $55.66 million, or $2.20 per share, up 7.2 percent from $51.94 million, or $1.96 per share, in fiscal 2010.
Papa John’s revenue in 2011 grew 8.1 percent to $1.22 billion, from $1.13 billion a year earlier. The chain opened a total of 237 restaurants worldwide in 2011.
Same-store sales for the full year rose 3.4 percent in North America and 5.1 percent internationally.
“We achieved the highest net openings in 10 years and delivered our eighth consecutive year for even or positive comparable-sales growth,” Schnatter said. “Our brand remains resilient, even in the face of what continues to be a challenging competitive and cost environment.”
Louisville, Ky.-based Papa John’s operates 598 restaurants in the United States and franchises another 2,463 locations across North America. Its international system has 822 restaurants in 33 foreign markets.