NEW YORK, Nov 6 (Reuters) - Papa John's CEO

Todd Penegor on Thursday said the U.S. pizza chain is focusing

on executing its strategy to drive value, but noted it would

consider alternatives if they were available.

Penegor, speaking in an earnings call after Papa John's missed

its third-quarter earnings estimates, promised a host of

improvements, including cost cuts and new side dishes and then

addressed what he called "M&A rumors" after Reuters reported

this week that a bid to take the company private had been

withdrawn.

He acknowledged that softer consumer spending is weighing on

quick-serve restaurants, but that the company is "positioning

Papa John's to compete better in 2026." He said it is working on

transforming the brand and fueling sustainable, profitable sales

growth in the future.

The company cut its 2025 sales outlook because it now

expects North American sales to be down 2% to 2.5% for the year,

after an earlier forecast of being flat to up 2%.

Private equity firm Apollo Global withdrew its

offer to take Papa John's private at $64 a share on concerns

about consumer sentiment and the pizza chain's ability to

navigate the weaker outlook, sources familiar with the matter

told Reuters. The deal would have valued the company at $2.1

billion.

Investors had hoped Penegor would address speculation about a

possible deal. He said if there were an alternative to the

company's strategy, management and the board would "fully

consider it."

Papa John's shares were down more than 5% in pre-market trading

after 5% and 10% drops on Wednesday and Tuesday, respectively.

The company's stock has dropped nearly 20% in the last five days

and is down 28% in the last 12 months.