Industry News | August 15, 2000
Papa John's Takes a Step Back
Papa John's International, Inc. (Nasdaq:PZZA) announced August 14 that systemwide comparable sales for the four weeks ended July 23, 2000 decreased 0.8%, comprised of a 0.1% increase at company-owned restaurants and a 1.2% decrease at franchised units. This decrease is a break in the chain of steady growth the pizza franchise has experienced.
The company also announced that BIBP Commodities, Inc., the independent franchisee-owned corporation that administers a cheese purchasing program for the Papa John's system, implemented a pricing change effective July 31st. This change, prompted by continued favorable cheese and milk futures pricing, results in an approximate 10% reduction in the current price of cheese to Papa John's restaurants and will remain in effect through the end of 2000.
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