Papa John’s International has reported a revenue decrease of approximately $700,000 (£528,000) for the UK for the fourth quarter of 2018, in its latest trading update.
It put the decline down to required reporting of franchise new store equipment incentives, which were previously record as general and administrative expenses, as a reduction of revenue.
The global pizza chain saw system-wide comparable sales in North America fall by 8.1% for the fourth quarter and 7.3% for the full year ended 30 December 2018. Total revenue stood at $373,981 (£282,000) for the fourth quarter, down 20%.
It achieved 56 net new opening in the fourth quarter and 104 in the full year, driven by its international business.
Steve Ritchie, President and CEO of Papa John’s, said, “I am confident in the long-term success of Papa John’s.
“With the additional $200 million of financial resources from Starboard, we will make targeted investments in the highest return initiatives that showcase our quality and improve the customer experience. We remain focused on people and pizza and continue to be enthusiastic about the opportunities ahead.”