Papa John's Expects Flat Sales in 2009

We picked this story up from the AP Wire. Informed industry observers feel that PJ's are being slightly optimistic in the light of recent economc trends. Check back in 12 months I suppose

"U.S. Domestic pizza sales are expected to be flat to down 2 percent in 2009, said pizza delivery company Papa John's International Inc. on Monday.

"The consumer environment is expected to continue to be very challenging" as rising unemployment hurts the restaurant industry, the company said in a release.

International revenue is expected to grow 25 percent to 30 percent, driven by the growth in franchise outlets, it said.

The number of domestic stores is expected to fall 2 percent, or 50 to 70 stores, while the number of international outlets is expected to grow by 170 to 190 stores, about 30 percent.

Earnings per share are expected to be in the range of $1.32 to $1.40 in 2009. The estimate excludes the impact of consolidating the results of franchisee-owned cheese purchasing company, BIBP Commodities Inc.

The company said its earnings for 2008 would be near $1.68 per share, the low end of its previous guidance.

Consolidated operating margins in 2009 are expected to be 1.2 percent to 1.5 percent lower than in 2008, the company said."