“Last quarter we were able to successfully raise prices by approximately 7% on average in our corporate stores to offset inflation in our food basket,” Papa John's CEO Rob Lynch said.
Papa John’s International Inc. addressed customer inflation concerns during its first-quarter earnings call, noting that it offers an affordable family meal at a time when budgets are being stretched thin.
“Last quarter we were able to successfully raise prices by approximately 7% on average in our corporate stores to offset inflation in our food basket,” he said. “We believe it’s noteworthy that the past two product launches, New York Style pizza at $13 and Epic Pepperoni at $14, have been premium-priced products, so there is little evidence that consumers want to trade down to value,” wrote Stifel analysts.
“Our premium positioning is a different model than the folks who are talking about staffing being such a challenge,” he said. “While consumer demand remained strong, sales softness in the quarter stems from our delivery channel, where capacity constraints limited our ability to meet demand,” said Yum Chief Executive David Gibbs on the first-quarter earnings call on Wednesday, according to FactSet.
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