Pizza Pizza Royalty Corp. has seen an increase of nearly four per cent in Royalty Pool sales, same-store increase of 0.8 per cent and an increase by nine per cent of its August monthly dividend.
The company, which indirectly owns the Pizza Pizza and Pizza 73 Rights and Marks, has released financial results for the three months and six months ended June 30.
Other highlights include a 2.2 per cent increase in adjusted earnings per share and an additional five restaurant locations.
Paul Goddard, CEO, Pizza Pizza Limited said, “With the lifting of restrictions in Ontario late in the Quarter, we immediately experienced an increase in our walk-in sales and saw the reopening of a few, key non-traditional locations. This is positive momentum as we head into the back half of the year which have historically been our strongest sales quarters.”
Paul Goddard added, “From a high level perspective, we find it encouraging to see the strong vaccination rates across Canada leading to gradual re-openings and lifting of restrictions. That being said, the recurring virus waves and lockdowns we experienced last year and through the first half of this year continue affecting important sales channels, particularly, walk-in sales and our non-traditional sales. Nevertheless, our restaurant construction and renovation plans for the year continue to accelerate, especially in British Columbia and Quebec.”
The company shared year-to-date highlights:
- Royalty Pool sales decreased 5.5 per cent
- Same store sales decreased 6.5 per cent
- Adjusted earnings per share decreased 6.6 per cent
- Restaurant network increased by 12 locations during the Period
- Royalty Pool of restaurants for 2021 decreased by 24 net restaurants on Jan. 1, 202
The full results are available here.
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