Papa John's is moving forward with its international expansiondespite the fact that it has had two corporate downsizings over thepast two months and poor earnings. Net income for the first ninemonths of2004 was down 45% to $13.6 million compared to $25.3million for the same period last year.
Nonetheless, Papa John's executive team is confident thatinternational expansion will benefit the company as it celebratesits 20th anniversary this year. It is pursuing additionalfranchisees for new and existing international markets, says a PapaJohn's analyst who wished to remain anonymous.
"Opening international stores is as good a way to grow as any, Iguess," the analyst says. "There is less competition in theinternational markets than there is in the U.S."
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