As reported by Michael Dunn of The Street.com, Papa John’s (NASDAQ-PZZA) reported a 1.4 percent revenue decrease in the first quarter of 2002. The chain’s net income increased to $12.9 million, up from $12.8 million in the year ago quarter, but overall sales dropped, said Papa John’s, in part due to heavy discounting by competitors.

Revenue decreased from $249.3 million in the first quarter of 2001 to $245.7 million. System sales fell by 2 percent and U.S. corporate sales also down, by 4 percent. By way of explanation, Papa John’s noted that its 2002 anniversary promotion did not drive sales as high as expected.

Even so, Papa John’s stock rose to 60 cents per share in 2002 first quarter, as compared to its 56 cents per share price a year ago. As a result, Papa John’s slightly raised its 2002 earnings per share guidance to $2.25-$2.32 from previous estimates of $2.22-$2.32.