Price Of Cheese Puts Squeeze On Papa John's 2Q
LOUISVILLE, Ky. (AP) - Pizza chain Papa John's International Inc. said Tuesday that its second quarter net income fell 8 percent because of tough competition and the high cost of cheese and other commodities, even though revenue rose.
Net income fell to $12.1 million, or 47 cents per share, from $13.2 million, or 49 cents per share last year. That matched analyst expectations, according to FactSet.
Revenue rose 5 percent to $293.5 million from $280.6 million last year. Analysts expected higher revenue of $301.7 million.
Restaurants are dealing with high food costs. Papa John's said it expects the competitive environment and high commodity costs, particularly cheese, to continue throughout the rest of the year.
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