Toronto – Pizza Pizza Royalty Corp. reported an increase of 13.6 per cent in same-store sales in its financial results for the three months ended March 31, 2022.
The corporation indirectly owns the Pizza Pizza and Pizza 73 Rights and Marks.
Royalty Pool sales increased 13.6 per cent. Same-store sales increased 13.6 per cent. Adjusted earnings per share increased 12.3 per cent. The company’s restaurant network increased by three net locations and the Royalty Pool of restaurants for 2022 increased by two restaurants on Jan. 1, 2022.
For the three months ended March 31, system sales from the 727 restaurants in the Royalty Pool increased 13.6 per cent to $122.9 million from $108.2 million in the same quarter last year. By brand, sales from the 624 Pizza Pizza restaurants in the Royalty Pool increased 16.1 per cent to $104.8 million for the quarter compared to $90.2 million in the same quarter last year. Sales from the 103 Pizza 73 restaurants increased 0.7% to $18.1 million for the quarter compared to $18.0 million in the same quarter last year.
Total Royalty Pool system sales for the quarter increased due to the continued re-opening of the economy and also more non-traditional locations reopened as the quarter progressed, the company reported.
“Our first quarter results demonstrate the strong value rooted in our brands,” said Paul Goddard, CEO, Pizza Pizza Limited. “In addition to increased sales through our already strong pick-up and delivery business, our brands experienced an increase in sales from walk-in traffic and the reopening of key, non-traditional stores, especially in sports venues, as government restrictions were lifted.
“We are optimistic that this momentum will continue as almost all government restrictions have been removed and customers are feeling more comfortable visiting our restaurants.”
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