New products and new stores will enable pizza chain restaurant Papa Murphy’s (FRSH) to continue its momentum this year, according to CEO Ken Calwell. Calwell said the chain is building across the country and is now located in 38 states, and will build 110 stores this year. ‘We’ve got great momentum in the overall franchise world,’ said Calwell. ‘A lot of folks across the country are very interested in the concept as we push really from the Pacific Northwest, where our roots are, as we push across the country to the Rocky Mountain states, and now one of our fastest growing areas is the Southeast portion of the country and Midwest’ He said Papa Murphy’s is still on track to triple its U.S. stores to 4500 total. For this year, its capital expenditures will be in the range of $17 million to $21 million. Calwell said the company is seeing increased costs for labor, as many of its stores are located in some of the highest minimum wage states in the country, but that the increases will impact Papa Murphy’s less than some of its competitors. Calwell said his biggest challenge is maintaining focus as the company continues to grow rapidly. In its most recent quarter, Papa Murphy’s revenue increased 16.1 percent to $29.2 million.
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