Given the fact that Papa John’s International Inc. is a publicly owned and traded company, it is required to report its earnings every quarter. Papa John’s 3rd quarter earnings were, not surprisingly, significantly lower than the third quarter of the previous year. With Papa John’s being is engulfed in controversy during the intervening period, it was expected that this quarter’s earnings would be comparatively lower. During earnings call, however, Papa John’s CEO Steve Ritchie said that he is “optimistic about the opportunities ahead.”
There are reports that at least four companies are interested in acquiring Papa John’s. These acquisition rumors have had a positive impact on Papa John’s share prices, sparking several huge price surges. And the improvement measures instituted by Steve Ritchie to win back customers’ trust appears to be working. According to several research firms, customer perception of Papa John’s has shifted dramatically. Now, they are either neutral or even positive. This positive progress is primarily ascribed to the “Voices” campaign it launched in September for the purpose of remaking its public image. The company desires to be seen more as an employee-oriented company. The “Voices” campaign undoubtedly resonated profoundly with Steve Ritchie Papa John’s as he started out with the company as a customer service representative in 1996.
Another improvement measure instituted by Steve Ritchie is the restructuring of its executive members. The aim of this restructuring is to facilitate the company’s ability to shift its focus back to their customers. This restructuring has resulted in the creation of four new VP positions, which revolve around the following critical customer touch points: customer experience, branding and innovation, menu strategy, as well as analytics and technology. More positive news exists for Steve Ritchie and Papa John’s. The 3rd quarter earnings report indicated that total international sales of Papa John’s stores climbed by 10 percent and that 300 new stores were opened last year. Based on the foregoing, can you blame CEO Steve Ritchie for being optimistic about Papa John’s future.
Follow Steve Ritchie on Twitter: https://twitter.com/stevemritchie?lang=en