Papa Johns' prices are driving some customers away | CNN Business

📆 04/08/2023 03:40:00
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Consumers are pulling back on discretionary spending, and Papa Johns is taking a hit

Sales at North American locations open at least a year fell 1% in the quarter ending on June 25, compared to the same period last year, dragged down by high prices at the chain’s franchise locations. “Some of the pricing … had gotten out in front of where the consumer was willing to spend,” said Papa Johns\n \n CEO Rob Lynch during a Thursday analyst call discussing the quarterly results.

Sales volumes fell in the second quarter, and cold cuts, cream cheese and kids’ single-serve beverages are losing share to discounted or lower-priced competitors, Kraft Heinz CEO Miguel Patricio said this week. “We priced above the market,” Patricio said in a discussion of the company’s second-quarter results. “Here’s the good news — the pricing is done.

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