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Boston Pizza franchise sales up 11 percent for 2008
February 8, 2009
VANCOUVER, British Columbia -- Same-store sales at Boston Pizza International Inc. grew 0.1 percent for the company's fourth quarter ended Dec. 31 and 0.7 percent for the year, the company has announced.
Franchise sales for the quarter for restaurants in the Boston Pizza Royalties Income Fund Royalty Pool were $158.9 million (Canadian), up 10 percent compared with franchise sales of $143.8 million for the 2007 fourth quarter. Franchise sales for the year were $646.3 million, up 11 percent compared with franchise sales of $583.8 million for 2007.
"Sales in the fourth quarter were driven by our successful Designer Pizza promotion, which ran in all restaurants through October and featured six new pizzas from a recent recipe contest among Boston Pizza employees," said George Melville, co-chairman and owner of Boston Pizza International Inc.
The company opened 25 new restaurants during the year. There were 298 restaurants in the Royalty Pool as of Dec. 31.
The Boston Pizza Royalties Income Fund is a limited purpose, open-ended trust established under the laws of British Columbia to acquire indirectly certain trade-marks and trade names used by BPI in its Boston Pizza restaurants in Canada. The trade-marks are licensed to BPI for 99 years for which BPI pays the fund 4 percent of franchise revenues of royalty pooled restaurants.
Net income for the quarter was $4.7 million, up 7 percent compared with net income of $4.4 million for the 2007 fourth quarter. Net income for the year was $19.7 million, up 39 percent compared with net income of $14.2 million for 2007.
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