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Papa John's Reports Loss of $13 Million in Q3
Following the John Schnatter scandal, the brand has reported lower earnings than estimated but CEO Steve Ritchie that Papa John’s will recover.
Papa John’s has fallen short of estimated earnings for Q3. According to a recent article in CBS Dallas / Fort Worth, the company was predicted to report earnings of 22 cents per share. Instead, it reported 20 cents per share. The chain also reported that it had lost a total of $13 million throughout the quarter. This is an over 150 percent drop compared to the same time period last year.
The company has been struggling since former CEO John Schnatter’s racist comments earlier this year. He resigned but later ended up suing the company and has been very vocal in his criticism of the company. Schnatter remains the brand's largest shareholder, with control of 31 percent.
Current CEO Steve Ritchie expects to change public perception, saying that the brand will not let these events define the future of Papa John’s.
Read the full article here.
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