NEW YORK (TheStreet) -- Yum Brands (YUM) has Pizza Hut, but that chain has always played second fiddle to the company's love affair with its Taco Bell and KFC concepts. Hey, you don't hear Yum Brands finally leveraging its Pizza Hut dessert pizza into some form of breakfast item that could be sold at Express locations housed inside Taco Bell and in supermarket freezers! Chipotle (CMG) has gained headlines for testing a pizza concept called Pizzeria Locale using the highly efficient operating model found at the namesake division. Even Panera Bread (PNRA) offers a prosciutto and spinach white pizza. Lost in the sauce, so to speak, are the two companies that actually focus on pizza and somewhat related product extensions day in and day out; Domino's (DPZ) and Papa John's (PZZA).
Although Domino's had been wiping the floor with Papa John's for most of 2013 as measured by U.S. comparable restaurant growth rates, the latter had a surprise uptick out of left field in the fourth quarter.
The illustrious, all-knowing Mr. Market hasn't bought into it the possibility of revival for a brand with "PZZA" for a stock symbol, however, Papa John's shares are flat year to date relative to Domino's, which have tacked on 5%. Nonetheless, with Domino's comparable restaurant growth rates headed in the wrong direction (slower...), it appears that Papa John's is at least partially to blame. A couple explanations for this turn of events: