Earnings per share also dropped by 25% in comparison to the same time a year ago.
So what’s behind this slight yet undeniable downturn?
Lynch explained on the earnings call that costs related to both commodities and labor have reached all-time highs.
Papa Johns Pizza/Facebook
These actions no doubt have impacted Q3 sales as well.
“Obviously our comps are a little tougher than some of our competitors,” Lynch continued.
“But thinking about this quarter, it’s the culmination of a lot of things.
Executives say the end of 2022 is already off to a “solid start.”
Papa Johns is also moving full speed ahead in terms of franchise development and expansion.
Around 250 new locations are expected to open by the end of this year.
