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MarketWatch MarketPulseMar 31, 2020
Papa John's says same-store sales rose 5.3% in Q1 in North America despite coronavirus-related business disruption
Papa John's International Inc. said Tuesday that same-store sales for the first quarter rose 5.3% system-wide in North America, and 2.3% at international locations. The growth came despite a disruption caused by the coronavirus pandemic. The company saw some temporary closures globally, though it says stores are fully operating in North America. "Although March sales in North America were negatively impacted by the cancellation of large gatherings, including major sporting events, our international and domestic businesses have performed well, as customers and communities rely on us and others in the food delivery industry," said Rob Lynch, chief executive of Papa John's. For the period from Feb. 24 through Mar. 29, same-store sales rose 3.6% in the Americas and slipped 0.6% internationally. Papa John's has withdrawn its guidance due to uncertainty surrounding the outbreak. Shares of the pizza chain's stock climbed 5.8% in Tuesday trading, but have fallen nearly 17% for the year to date. The S&P 500 index is down 18.5% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseMar 31, 2020
Urban Outfitters to furlough a 'substantial' number of employees, suspends rent payment
Urban Outfitters Inc. said Tuesday that it will furlough a "substantial" number of employees at the stores, wholesale and home office channels for 60 days, starting April 1. Urban Outfitters, which has a portfolio that includes the namesake brand, Free People and Anthropologie, shuttered stores on March 14. Stores will remain closed until further notice, though e-commerce operations will continue. The company will continue to pay for enrolled employee benefits. Urban Outfitters is taking other cost-cutting measures, including eliminating bonuses and reducing senior management pay, borrowing another $220 million from cash reserves, reducing the capital budget by $100 million and reducing investments in things like the Nuuly brand. The company will also suspend rent payment and extend payment for merchandise. Urban Outfitters says this is the first time in the company's 50-year history that it has furloughed employees. The company's stock is down 50.5% over the past year while the S&P 500 index has fallen 7% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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