WASHINGTON (CBSDC) — Papa John’s warns it will have to raise the price of its pizzas due to President Obama’s health care law.
John Schnatter, CEO and founder of Papa John’s, said pizza will cost up to 14 cents more when the Affordable Care Act goes into effect in 2014.
“We’re not supportive of Obamacare, like most businesses in our industry. But our business model and unit economics are about as ideal as you can get for a food company to absorb Obamacare,” Schnatter said in a conference call during last week’s shareholder’s meeting, according to Politico.
Schnatter later added: “If Obamacare is in fact not repealed, we will find tactics to shallow out any Obamacare costs and core strategies to pass that cost onto consumers in order to protect our shareholders best interests,”
According to Pizza Marketplace, there are nearly 4,000 Papa John’s restaurants in all 50 states and 33 countries.
Schnatter, a Romney supporter, held a private fundraiser for the GOP presidential candidate at his Kentucky home in April.