Total revenue decreased by 7.1% to $399.62 million. Excluding the impact of refranchising 62 company-owned restaurants in North America and the China operations in 2018 and a quality control center in Mexico in 2019, revenue declined by 4%.
Looking ahead into the full year 2019, the company now expects a net loss in the range of $0.40 to $0.10 per share compared to the previous EPS forecast of $0.00 to $0.50. Adjusted earnings are still anticipated to be $1.00 to $1.20 per share. Capital expenditures are still predicted to be in the range of $45 million to $50 million.
For the full year, North America comparable sales are now expected to be down 1% to down 4% compared to the previous estimate range of down 1% to down 5%. International comparable sales growth is still predicted to be 0% to 3%. Net global new unit growth is now projected to be 100 to 150 compared to the prior range of 75 to 150.
For the second quarter, system-wide North America comparable sales declined by 5.7% while international same-store sales rose by 0.3%.
Also read: Domino’s Pizza Q2 earnings review
At June 30, 2019, there were 5,345 Papa John’s restaurants operating in all 50 states and in 47 international countries and territories. The company has added 98 net worldwide units over the trailing four quarters ended June 30, 2019. Papa John’s development pipeline as of June 30, 2019, included about 1,080 restaurants (90 units in North America and 990 units internationally).
Shares of Papa John’s International ended Tuesday’s regular session up 1.19% at $43.25 on the Nasdaq. The stock has risen over 2% in the past year while it has fallen over 19% in the past three months.