Welcome to the June 18 Monday Business Briefing, your business intelligence digest from Insider Louisville.
Papa John’s named ‘Bear of the Day’
Shares of Papa John’s International stock fell more than 4 percent in early trading Friday after the Louisville-based pizza company was named Zachs’s “Bear of the Day.”
The investment firm rated the pizza chain’s stock a “strong sell,” writing that Papa John’s “is struggling with a slowdown in its North American business and higher labor costs [and] is expected to see falling earnings in 2018.”
Papa John’s shares had plunged more than 10 percent in early market trading May 9 after the company reported that same-store sales in North America declined 5.3 percent in the first quarter. Total revenue fell 4.9 percent, to $427 million, compared to the first quarter of 2017 largely because of the lower comparable store sales.
Net income fell 41.1 percent, to $16.7 million, in the first quarter. Diluted earnings per share fell 35.1 percent to 50 cents.
Zachs’s said Friday that it was Papa John’s “second consecutive earnings miss.”
“And while the company reaffirmed its prior full-year guidance,” Zachs’s wrote, “the analysts weren’t really buying it as they slashed both 2018 and 2019 estimates.”
The investment firm said that while Papa John’s shares are at a two-year low and down 8.5 percent for the year, they still weren’t cheap. Instead, the firm said, Domino’s Pizza, Yum! Brands and Yum! China Holdings are better buys.
Retailer coming to Oxmoor Center will help Louisvillians untuck
You may have seen advertisements for a brand called UNTUCKit that’s touted itself as a solution for those who want to look put together but don’t want to tuck in their shirt.
Starting Thursday, June 21, that brand will not just be available online, but Louisville residents also will have the ability to shop in-person at UNTUCKit’s new store in Oxmoor Center. The retailer will fill a 1,953-square-foot space between Pottery Barn Kids and Clarks shoe store.
Since starting in 2011, UNTUCKit has expanded its inventory to include sports jackets and men’s performance wear, as well as lines for women and boys. The Oxmoor Center location will be its 33rd in the nation.
“We like to open stores where our customers are, so after seeing that so many people from the Louisville area were shopping with us online, we wanted to bring the product to them,” the company’s founder Chris Riccobono said in an emailed statement. “The Oxmoor Center Mall is a perfect location with some other great brands.”
This item has been updated with a new opening date from the retailer.
Brown-Forman sues 16th Century French château over Chambord name
Louisville distiller Brown-Forman Corp. has filed a lawsuit in France to prevent the French Renaissance Château de Chambord, completed in 1547, from using the “Chambord” name on its wines.
Brown-Forman has produced a raspberry liqueur of that name near the château for the last decade which plans to release its first wines this fall.
The château, built at the time of King Francis I and possibly designed with the help of Leonardo da Vinci, is one of the world’s most recognizable of its kind, and it has more than 700,000 visitors annually. French President Emmanuel Macron recently celebrated his 40th birthday there.
Unsurprisingly, the lawsuit did not endear Brown-Forman to château officials.
“It is unimaginable that a liqueur could prevent us from using the brand of our national heritage for our own products,” said the château’s director Jean d’Haussonville, according to British newspaper The Telegraph.
“The fight for Chambord is a fight for our entire nation,” d’Haussonville said.
New South Central Library receives prestigious American Architectural Award
The South Central Regional Library, which is approaching its anniversary, recently was awarded the prestigious American Architectural Award for 2018 by the Chicago Athenaeum Museum of Architecture and Design. The 40,000-square-foot library is located near the Jefferson Mall in the South End.
According to a news release, it is one of the nation’s highest and most distinguished building awards program that honors new and cutting-edge design in the country. The library was one of 100 projects recognized nationally.
The LEED Gold-certified South Central Library opened in July 2017. It has than 100,000 books and features two large community meeting rooms, several smaller rooms for studying and reading, and dedicated spaces for teens and children.
Sustainability Council to convene June 28 regarding Lower Frankfort initiative
The Louisville Sustainability Council will hold its next Green Convene event on Thursday, June 28, to discuss an initiative in the Lower Frankfort Avenue area focusing on the future of the Frankfort Avenue Corridor from Story Avenue to River Road.
The meeting includes a Beargrass Creek canoe tour, a community conversation with guest speakers at Butchertown Social, 1601 Story Ave., and a walking tour of the lower Frankfort Avenue area.
The goal is to bring attention to the need for continuous sidewalks along the corridor and for the restoration of a segment of Beargrass Creek, as well as talk about problems associated with the city impound lot that now is a dominant presence in the area.
The canoe tour runs from 2 to 5 p.m., and the community conversation goes from 6 to 7:30 p.m. Speakers including Metro Councilman Bill Hollander, D-9, and Waterfront Development Corporation president David Karem.
The walking tour will leave from Butchertown Social at 7:45 p.m. and continuing toward River Road. It will conclude at 8:30 p.m.
The event is free and open to the public, but the canoe tour requires advance reservations, which can be made on Facebook. —Kevin Gibson
Summer program to give students insight on cryptocurrency
A technology trade group and a tech startup are partnering to host four week-long cryptocurrency camps for high school students this summer, starting the week of July 9.
The camps, co-hosted by Technology Association of Louisville Kentucky and Crypto Consulting Group, will address topics, including blockchain technology, ethics and the Dark Web, popular cryptocurrency trading and how to understand the markets, mining, and state and federal legislation regarding cryptocurrency. Participants also hear speakers talk about cybersecurity, personal privacy matters and protection in cryptocurrencies.
The camps are for students entering ninth, 10th, 11th and 12th grade next school year; those headed into their first year of college are also welcome.
The cost is $300 per person and includes lunches and afternoon snack for each day. The camps will be held from 9 a.m. to 3 p.m. Mondays through Thursdays at 9900 Corporate Campus Drive, Suite 3000. —Boris Ladwig
Insider Louisville reported last week that Will Russell is reviving WHY Louisville as The Marvelous Mystery with his girlfriend Lorna-Mae Ward. Russell revealed following that story that The Marvelous Mystery will debut online in August selling products with designs from local talent including Matthew Mcdole, Patrick Jilbert, Yoko Molotov, Carrie Neumayer and State Champs.
President Donald Trump announced plans to appoint Irving Bailey, a partner and senior adviser at Louisville venture capital firm Chrysalis Ventures, to the board of directors of the OPIC (Overseas Private Investment Corporation). His term would expire on December 17, 2021. Bailey is also the former chief executive of Providian Corp.
Councilwoman Barbara Shanklin, D-2, and community leaders will gather at 4845 Poplar Level Road at 6 p.m. Monday, June 18, to oppose plans for a liquor store at the corner of Poplar Level Road and East Indian Trail, formerly the site of a Moby Dick restaurant. The event echoes similar fights in other Louisville neighborhoods.
The Louisville International Airport received the “Best Food and Beverage Program” award for small airports and “Best Retail Program” award for small and medium airports from the Airports Council International-North America. Its concepts, Distillery District Marketplace and Book & Bourbon Southern Kitchen, also received first place awards.
Greater Louisville Inc. is a finalist for the 2018 Chamber of the Year award from the Association of Chamber of Commerce Executives. The award honors excellence in operations, member services and community leadership.