Although originally from Italy, pizza is among the most popular dishes in the U.S., making it an American staple.
Americans have made pizza their own by using signature characteristics of the original dish and stylizing them with the ingredients and flavors most Americans prefer. They are essentially creating their own version by Americanizing a traditional international dish.
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Pizza continues to be a very popular dish among Americans due to how convenient it is to eat since it requires no utensils, how incredibly affordable and filling it is, and most importantly, how great it tastes.
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In the U.S., there are millions of pizza joints and chains to choose from when craving a warm slice, and although everyone has a favorite, five leading chains have outperformed all others for decades.
The top five 'Pizza Giants' in the U.S. by market share include Domino's (DMPZF) , Pizza (YUM) , Little Caesar's, Papa Johns (PZZA) and Maco's Pizza.
However, with growing competition, even the best can fall short.
Papa Johns acts with 'urgency' amid concerning financial struggles
Although Papa Johns was once incredibly profitable, its recent financial reports signaled some concerning declines.
According to Papa Johns latest earnings, total revenues declined by over 3% from a year ago, with comparable sales in North America down 6% and down 3% internationally.
The pizza chain's domestic company-owned restaurant sales declined 7% compared to last year, with franchise restaurants down 5%.
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During its third-quarter earnings call, Papa Johns revealed it had made several changes to its team to improve the company's development and operations after reporting several declines in its business and highlighted five key elements to accelerate profitable growth.
"With our leadership team, we continue to evaluate the business and refine our key strategic initiatives," said Papa Johns CEO Todd Penegor.
These key points aimed to improve efficiency and customer-employee experience by improving product quality and adding new items to the menu, amplifying its marketing message, investing in modern technology, focusing on value, and increasing market share by opening more restaurant locations.
"We're acting with urgency. We are laser-focused on strengthening our foundation in the near term while positioning the company to capitalize on opportunities to drive success and value creation over the long term," said Penegor.