UPDATE 2-Papa John's profit tops view, outlook raised

* Q3 EPS adj 30 cents vs Street view of 26 cents

* Total revenue fell 5.7 percent to $263.9 million

* Boosts 2009 EPS outlook, but still under Street view (Adds details on sales, competition)

LOS ANGELES, Nov 3 (Reuters) - Papa John's International Inc (PZZA.O) reported quarterly profit that topped analysts' view, but its shares were unchanged after its raised 2009 earnings forecast still fell short of Wall Street's target.

The company, which competes with Domino's Pizza Inc (DPZ.N) and Yum Brands Inc's (YUM.N) Pizza Hut, said on Tuesday that third-quarter net income grew to $11.7 million, or 42 cents per share, helped by lower food prices and cost controls. In the year earlier quarter, it earned $7.7 million, or 28 cents per share.

Excluding a gain from its BIBP cheese purchasing unit, the company earned 30 cents per share, topping consensus expectations of 26 cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 5.7 percent in the quarter to $263.9 million, missing analysts call for revenue of $270.8 million. Part of the decline in quarterly revenue was due to the sale of 62 underperforming company restaurants to franchisees.

Domestic system-wide sales at established Papa John's restaurants were flat for the quarter.

Domino's third-quarter U.S. same-restaurant sales also were flat for the quarter, while Yum's Pizza Hut unit reported a 13 percent decline in U.S. sales at established restaurants.

Louisville, Kentucky-based Papa John's raised its full-year earnings forecast to a range of $1.42 to $1.46 a share from $1.38 to $1.44 per share previously. The forecast excludes the impact of BIBP.

It also boosted its forecast for domestic same-store sales in 2009 to a range of down 0.25 percent to up 0.25 percent. Its previous forecast called for them to be flat to down 1 percent.

Papa John's shares closed up 66 cents at $23.47 on the Nasdaq. (Reporting by Lisa Baertlein; editing by Leslie Gevirtz and Andre Grenon)