Papa Johns 1998 Annual Report Download - page 23

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20
Year Ended
December 27, December 28, December 29,
1998 1997 1996
Restaurant Data:
Percentage increase in comparable Company-owned
restaurant sales (4) 8.6% 9.3% 11.9%
Number of Company-owned restaurants included in the
respective years’ most recent comparable restaurant base 383 266 182
Average sales for Company-owned restaurants
included in the respective years’ most recent
comparable restaurant base $ 757,000 $ 725,000 $ 698,000
Number of Company-owned restaurants:
Beginning of period 401 303 217
Opened 60 76 66
Closed (1) (1) (2)
Acquired from franchisees 21 23 22
Sold to franchisees (3) – –
End of period 478 401 303
Number of U.S. franchised restaurants:
Beginning of period 1,116 857 661
Opened 306 288 224
Closed (3) (6) (6)
Sold to Company (21) (23) (22)
Acquired from Company 3 – –
End of period 1,401 1,116 857
Number of international franchised restaurants:
Beginning of period – – –
Opened 6 – –
Closed – – –
Sold to Company – – –
Acquired from Company – – –
End of period 6 – –
Total restaurants – end of period 1,885 1,517 1,160
(4) Includes only Company-owned restaurants open throughout the periods being compared.
1998 Compared to 1997
Revenues. Total revenues increased 31.6% to $669.8 million in 1998, from $508.8 million in 1997.
Restaurant sales increased 29.4% to $324.9 million in 1998, from $251.2 million in 1997. This increase
was primarily due to a 22.5% increase in the number of equivalent Company-owned restaurants open
during 1998 as compared to 1997. “Equivalent restaurants” represents the number of restaurants open
at the beginning of a given period, adjusted for restaurants opened or acquired during the period on a
weighted average basis. Also, comparable sales increased 8.6% in 1998 over 1997 for Company-owned
restaurants open throughout both years.