The NFL Is Being Blamed For Papa John’s Shares Sinking
Author By Sophia VidaPosted on Shares of Papa John’s took a beating this week when the company posted fourth quarter sales that fell short of what Wall Street had been looking for.
The company’s Q4 adjusted earnings at 88 cents were higher than the 66 cents expected by analysts but revenue at $439.6 million didn’t meet the Street’s estimates of $447 million.
The pizza chain also posted weaker-than-expected same-store sales that the company is blaming on Bad NFL ratings.
“We’ve seen ratings down 8 percent for the season,” said Steve Ritchie, Papa John’s International Inc. president and chief operating officer.
“We’ve made a significant investment in the NFL. An 8-percent decline in ratings played a small factor in some of our performance.”
Disclaimer: We have no position in Papa John’s Int’l Inc. (NASDAQ: PZZA) and have not been compensated for this article.
