But that might be changing as several have been declining in recent months.
Major U.S. pizza chains enjoyed alucrative 6% increase in salesto $27.5 billion in 2020.
Fast forward to last year, however, and signs of"pizza fatigue"andlagging salesbegan to appear.
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Let’s take a look atfive major pizza chains that have run into some sizable setbacks in recent months.
Domino’s operates close to 7,000 domestic locations, butreported a same-store delivery salesdecline of 6.6%.
The Michigan-based pizza brand is also dealing with aserious shortage of delivery drivers.
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Papa Johns
Papa John’s financials tell a similar story to that of Dominos.
At the time of this writing, the stock price sits at around $81.
For example,Pizza Hut closed over 300 locations in 2020after its largest domestic franchisee declared bankruptcy.
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Just like other pizza chains, Pizza Hut pointed to adearth of delivery driversfor these business woes.
Even during the first half of 2022 business appeared stable.
In September 2022, Dynamic Restaurant Holdings, the parent company of Happy Joe’s,filed for bankruptcy.
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The company had also amassed over $5 million in secured debt at the time of the filing.
Moreover, 2023 is already shaping up to be a potentially better year for the beleaguered pizza chain.
Plannedlocations in Egyptare coming soon, and the chain is even expanding intonew markets like Florida.
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“The performance is not where we want to be.”
Papa Murphy’s has closed over 100 restaurants over just the past two years.
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