Papa John’s International Inc on Tuesday reported a 63 percent drop in quarterly net earnings as higher labor and cheese costs offset increased sales at its pizza delivery restaurants.
Net income was $4.8 million, or 16 cents per share, compared with $13.1 million, or 40 cents per share, a year ago.
Excluding the results of the company’s franchisee-owned cheese purchasing entity, known as BIBP, Papa John’s earned 39 cents a share, up from 31 cents a share last year.
Results for the quarter included a benefit of 8 cents a share from the finalization of certain tax issues.
Revenue rose 9.6 percent to $262.8 million. Analysts were expecting revenue of $258.1 million, according to Reuters Estimates.
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