Papa John’s shares rise after swinging to a profit

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Papa John’s International Inc. stock rose 1.7% in Thursday premarket trading after the pizza delivery company swung to a third-quarter profit. Net income totaled $11.5 million, or 35 cents per share, up from a loss of $3.1 million, or 10 cents per share, last year. Revenue totaled $472.9 million, up from $403.7 million. The FactSet consensus was for EPS of 33 cents and revenue of $466.0 million. Same-store sales rose 23.8% in North America and were up 20.7% internationally. Papa John’s ended its franchise support program, which cost $55 million over four quarters. And the company previously announced a new Atlanta headquarters that will incur $15 million to $20 million in reorganization costs; $4 million to $5 million will be incurred in the fourth quarter. Papa John’s also announced a new $75 million share repurchase program effective through Dec. 31, 2021. Papa John’s stock has gained 20.5% for the year to date while the S&P 500 index has gained 6.6% for the period.
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