Why Shares of Papa John's Sank 12% at the Open Today
Shares of pizza restaurant Papa John's International (NASDAQ: PZZA) fell roughly 12% in early trading on Thursday. The big news was the company's earnings, which at first blush look pretty good. But if the market's dour reaction is any indication, they just weren't good enough.
Papa John's top line was higher by 12.5% year over year in the fourth quarter of 2020. Comparable-store sales in the United States rose 13.5%, with international comps up an even more impressive 21.4%. On the bottom line, the restaurant's adjusted earnings were $0.40 per share versus a loss of $0.25 per share in the same stanza of 2019. So far, that seems like a pretty good outcome.
Image source: Getty Images.
Source Fool.com
