Nov 3 (Reuters) - Papa John's International's (PZZA.O) quarterly profit missed market expectations as higher commodity costs and heavy discounting dented its operating margins and it cut the upper end of its 2010 adjusted earnings view.
The company cut the upper end of its 2010 earnings view by 2 cents and now targets earnings of $1.74-$1.80 a share for the year.Papa John's added that current pricing and promotional environment in the pizza category, coupled with increasing commodity costs trends, would result in continued restaurant margin pressures in the fourth quarter.
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