Papa John’s reported another sales boom in the third quarter of 2020, with same-store sales rising by 23.8 percent in North America and 20.7 percent internationally.
Overall, Papa John’s revenues went up by 17.1 percent compared to the third quarter of 2019, the company announced. Papa John’s reported $403.7 million in revenue for the third quarter of 2019, compared to $472.9 million for the same period in 2020.
Papa John’s President and CEO Rob Lynch called it “another quarter of outstanding results.”
“Double-digit comparable sales growth, dramatically higher earnings and robust free cash flow all reflect a winning strategy and execution that have helped us outperform our competition and deliver five straight quarters of same store sales growth,” Lynch said.
The chain has also committed $75 million to a share repurchase program, which Lynch said “demonstrates our commitment to value creation in the near and long term as well as our confidence in Papa John’s future.”
“The tremendous progress we have made this year—a fast-growing customer base, a truly differentiated brand, a robust innovation pipeline and a vast global development opportunity—positions us to continue expanding our slice of the pizza and food delivery market, which itself has a promising future,” Lynch said.