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Canada’s Pizza Pizza posts 2010 results

February 17, 2011

Pizza Pizza Royalty Income Fund, headquartered in Toronto, announced its fourth quarter and 2010 results ended Dec. 31.

Total sales for restaurants in 2010 increased 1 percent to $455.8 million compared to $451.4 million in 2009. For the fourth quarter, sales increased 2.9 percent to $122.3 million compared to $118.8 million for the same quarter in 2009.

Fourth quarter 2010 same store sales growth was 1.3 percent compared to the same quarter in 2009. By brand, SSSG in the fourth quarter for Pizza Pizza was 1.1 percent and was 2.2 percent for Pizza 73.

For the year, SSSG was flat (0 percent) compared to 2009, with Pizza Pizza reporting 2010 SSSG of 0.9 percent and Pizza 73 reporting negative SSSG of 4.4 percent.

The number of restaurants in the company's royalty pool increased from 671 to 695 on the Jan. 1, 2011 adjustment date, to include the royalties from 24 net, new restaurants.