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Papa Johns sells 28 Florida units as it refranchises stores

Papa John's Pizza logoPapa John's Pizza
Sig2.75Sen+0.42Env0.00Soc+0.20Gov+0.40

Papa Johns is selling 28 company-owned units in Florida as part of a push to shift restaurants to experienced franchisees and keep the business more asset-light. The Orlando-area deal is expected to reduce consolidated revenue by $4 million, while company-owned restaurant revenue fell $37 million in Q2 and comparable sales dropped 8.3%, the steepest since Q1 2019.

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