Papa John's Customers Are Trading Down to Cheaper Pizzas -- Market Talk

Dow Jones05-07

0842 ET - Inflation-weary consumers are trimming their pizza orders, trading down to smaller non-speciality pies and skipping sides of garlic knots. Comparable sales across Papa John's North American stores fell 6.4% during the recent quarter, hurt by declining orders and lower new customer acquisitions, CEO Todd Penegor says on a call with analysts. While the company's core pizza business remains resilient, Penegor notes a propensity for consumers nowadays to trade down to cheaper options, as well as forgo sides and desserts. "Our two largest opportunities to gain share are building on our improved value perception and leveraging our rebuilt innovation pipeline to win new customers, elevate our pizza order mix to more-premium pizzas, drive add-ons, and expand our total addressable market," he says. Papa John's is off 4% premarket. (connor.hart@wsj.com)

(END) Dow Jones Newswires

May 07, 2026 08:42 ET (12:42 GMT)

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While the company's core pizza business remains resilient, Penegor notes a propensity for consumers nowadays to trade down to cheaper options, as well as forgo sides and desserts. \"Our two largest opportunities to gain share are building on our improved value perception and leveraging our rebuilt innovation pipeline to win new customers, elevate our pizza order mix to more-premium pizzas, drive add-ons, and expand our total addressable market,\" he says. Papa John's is off 4% premarket. 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