November comparable sales were negatively affected, according to Papa John's officials, by the inclusion of the Thanksgiving holiday in Period 11 this year versus Period 12 last year. The company estimates that this timing difference negatively affected November 2001 systemwide comparable sales results by approximately 3.9 percent. December comparable sales will be favorably impacted by this timing difference, partially offset by the timing of New Year's Eve, which is not included in Period 12 this year. The company expects these two timing differences are expected to have a net positive impact of approximately 2.2 percent on December systemwide comparable sales.
The company also announced that its board of directors approved an extension of its $275 million stock repurchase program through December 29, 2002. The repurchase program was previously set to expire on December 30, 2001. To date, the company has repurchased approximately $214.5 million of its common stock under the program. After such repurchases, the company has approximately 22.4 million shares of common stock outstanding on a fully diluted basis.
As of December 10, 2001, there were 2,705 Papa John's restaurants (628 company-owned and 2,077 franchised) operating in 47 states and nine international markets. Papa John's also owns or franchises 193 Perfect Pizza restaurants (three company-owned and 190 franchised) in the United Kingdom.
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