Papa John’s (NASDAQ:PZZA) shares are ticking higher today after the pizza delivery company’s fourth-quarter revenue increased by 9% year-over-year to $571.3 million. However, the figure missed expectations by nearly $6.8 million. Its EPS of $0.91, on the other hand, comfortably scaled past estimates by $0.19.
The pizza chain opened 89 new locations in Q4, bringing its total to 5,906 restaurants. Further, its North American comparable sales improved by 2% due to increased transactions and ticket size. This was the fourth consecutive year of positive comparable sales for the company in the North American region. In addition, Global system-wide restaurant sales surged by 11% to $1.34 billion. However, its International comparable sales trended lower by 6%. The pizza major is now focusing on improving performance in its UK business.
Earlier, Papa John’s announced that Shaquille O’Neal would not seek re-election as a director of the company. O’Neal’s involvement with PZZA for nearly five years proved to be a major boost for the company’s brand. While the basketball star is stepping away as a director, he will continue to be a Papa John’s restaurant owner and a brand ambassador for the company.
What Is the Price Target for PZZA Stock?
Papa John’s share price has gained by nearly 10% over the past three months. Overall, the Street has a Moderate Buy consensus rating on the stock alongside an average price target of $82. However, analysts’ views on the stock could see a revision following today’s earnings report.
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