Financial News--AFC, Arby's, Papa John's
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Atlanta--AFC Enterprises Inc., parent company of Cinnabon, Popeyes Chicken & Biscuits and other restaurant chains, said quarterly net income fell as it sold more restaurants, but profits from continuing operations rose, boosted by revenue from franchisees. AFC has been selling restaurants to focus on franchising, resulting in lower net income but higher profit from continuing operations. Franchise revenues rose 24.7 percent in the quarter. -Reuters
New York--Domestic comparative store results of Arby's franchise business increased 3.9 percent in the second quarter of 2002. Twenty-four new Arby's were opened and 11 low volume units were closed during the quarter. The franchise has commitments from franchisees to build approximately 600 new units. -Triarc
Louisville, Kentucky--Domestic comparable store sales fell 3.1 percent at Papa John's locations in July. Papa John's, which operates nearly 2,800 pizza restaurants worldwide, attributed the decline to the timing of a national media summer promotion, which ran in June this year as compared with July last year. -Reuters
