Papa Murphy's (FRSH) Misses Q3 EPS by 8c
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Papa Murphy's (NASDAQ: FRSH) reported Q3 EPS of ($0.03), $0.08 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $28.5 million versus the consensus estimate of $31.26 million.
Ken Calwell, President and Chief Executive Officer of Papa Murphy’s Holdings, Inc., stated, “We had a disappointing quarter, as the increasingly competitive environment, both in the pizza category and more broadly, magnified the effects of lower absolute media levels in this Presidential election year. In spite of the near-term challenges, we believe our long-term strategies, including appropriate new store openings, continue to be on point and will drive top line growth and profitability going forward, for both our franchisees and shareholders.”
“With the support of our franchisees, we will launch our first ever national advertising campaign in 2017, with at least six full weeks of national television advertising. This marks an inflection point in the history of our company and our brand and will increase our level of media across most of our markets. We consider this to be a significant step forward in creating a truly national brand. And, not only do we believe national media to be an effective driver of pizza sales, we also expect increased brand awareness to have a positive impact on franchise sales. We are committed to delivering long-term growth and believe this acceleration of our long-term national brand strategy will drive sales momentum and growth going forward,” Calwell concluded.
For earnings history and earnings-related data on Papa Murphy's (FRSH) click here.
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