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Papa John's (PZZA) Announces Expansion Plans in Egypt
World’s third largest pizza delivery company, Papa John’s International, Inc. (PZZA - Free Report) is geared to expand further into Egypt. Papa John’s has inked a restaurant development agreement with Vantage Egypt, for Tourism and Entertainment (Vantage), whereby it plans to build additional 18 units in the country.
Vantage has been a Papa John’s franchisee for the past 10 years and currently operates 36 Papa John’s restaurants across Egypt.
Large scale international expansion has been the backbone of Papa John’s operations of late. Notably, second-quarter 2016 was recorded as the 26th consecutive quarter for positive comps in the international segment. Currently it has more than 1500 international restaurants across 43 countries outside of the U.S.
Before signing the deal in Egypt, the company also inked restaurant development agreements in Mexico, Russia, Spain, the Netherlands and also debuted in Israel, all in 2016. The company is also on the lookout for prospective franchisees in countries including France, Poland, Ukraine, Czech Republic, to name a few.
This is in keeping with the international expansion strategies followed by other restaurant industry giants like Yum! Brands, Inc. (YUM - Free Report) , McDonalds Corporation (MCD - Free Report) and Domino’s Pizza, Inc. (DPZ - Free Report) .
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The company posted solid second-quarter 2016 results with both top and bottom lines surpassing the Zacks Consensus Estimate. In fact, it reported positive earnings surprise in all of the four trailing quarters, with an average beat of 7.81%.
On the back of such robust results along with the company’s focus on menu innovation, international expansion and technological upgrades, Papa John’s currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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