LOUISVILLE, KY-Pizza maker Papa John’s International said it will open 836 restaurants internationally in the next 10 years, with 396 of those stores opening in China and Korea, the firm’s fastest-growing markets.

The company, which currently operates 2,978 Papa John’s restaurants in 49 states and 25 countries, said it has also inked a 10-year development agreement to open 100 restaurants in northern India, and will develop an additional 75 restaurants in southern and western India in the next six years.

The firm said it also acquired 11 franchised restaurants in the Raleigh, NC market at the start of the fourth quarter. News of the firm’s international expansion plans came as the company announced that profits jumped 21% for the third quarter.

The fast-food retailer said net income for the period ended Sept. 24 reached $13.1 million, or 40 cents per share, $2.3 million more than the $10.8 million, or 31 cents per share, earned in the same quarter last year. Sales for the quarter were also up at $239.7 million, 2.8% more than the prior year’s third quarter.

“Our third quarter results were very good, with our system continuing to outperform the competition in a very challenging environment, while we continue to make both domestic and international investments to sustain our longer-term growth,” said Nigel Travis, Papa John’s president and chief executive officer.

A 1.8% drop in October sales at established domestic stores sent the firm’s stock plummeting more than 8%, however, ending 23 months of positive sales growth for the pizza maker. Papa John’s International sales were up 21.4% for the four weeks ended Oct. 22, 2006,

Revenues for the nine month period ended Sept. 24 were flat at $723.6 million while net income for the first nine months of the year was $44.4 million, or $1.33 per share. Last year, net income for the period was $31.6 million, or 92 cents per share.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.