The N-word remark by Papa John's founder caused sales to crater 10.5% in July

"Very inexcusable and irresponsible comments" by Papa John's founder and former CEO John Schnatter caused same-store sales in July to plunge by about 10.5 percent, current CEO Steve Ritchie told analysts Tuesday in explaining the company's worse-than-expected performance during the the second quarter and drastically lowered sales forecasts for the year.