Article Date 07/11/2018

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Papa John's still struggling after founder's departure

Source CTV News

Papa John's continues to struggle with the fallout from its founder's noisy departure, but its CEO says a new ad campaign is helping turn things around.

The pizza chain said Tuesday it lost US$13 million in the third quarter, a 160 per cent decline from the July-September period a year ago.

Earnings, adjusted for non-recurring costs, were 20 cents per share. That fell short of Wall Street's forecast of 22 cents, according to FactSet. Revenue dropped 16 per cent to US$364 million, also missing analysts' estimates.

North American same-store sales plummeted 9.8 per cent in the third quarter. It was the fourth straight quarter of declines in the region, which houses most of the company's 5,247 restaurants. International same-store sales also fell.

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