Papa John's Earns Less Dough As Q3 Sales Dip, CEO Blames 'Challenging Consumer Environment'

Papa John’s International, Inc. (NASDAQ:PZZA) shares are trading lower on Thursday.

The company reported adjusted earnings per share of 43 cents, in line with the street view. Quarterly sales of $506.81 million (down 3.1%) beat the analyst consensus estimate of $497.27 million.

“During the third quarter, we delivered earnings in line with our expectations in what continues to be a very challenging consumer environment,” said Papa John’s CEO Todd Penegor.

The lower revenues were mainly due to a $9.9 million decrease in international revenues from UK restaurants, an $8.5 million drop in domestic restaurant sales from lower ...