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Pizza Pizza comps up 1.3 percent
July 31, 2008
TORONTO -- Same-store sales at restaurants operated by Canadian pizza chain Pizza Pizza Ltd. increased 1.3 percent in the second quarter ended June 30, 2008, the company has announced.Same-store sales are up 2.7 percent for the first six months of the year.
Sales for the 609 restaurants in the Pizza Pizza Royalty Income Fund increased 24 percent to
$114.3 million compared with $92.2 million for the 531 restaurants in the fund's royalty pool for the same quarter in 2007. Sales for the quarter include $94.2 million from 559 Pizza Pizza restaurants and $20.1 million from 50 Pizza 73 restaurants.
Sales for the first six months of the year increased by 25 percent to $227.8 million from $181.7 million in the same period last year.
The Pizza Pizza Royalty Income Fund is a limited purpose, open-ended trust established under
the laws of Ontario. The fund has acquired the trademarks and trade names used by Pizza Pizza Ltd. in its Pizza Pizza and its Pizza 73 restaurants.
Net income for the quarter was $8.4 million compared with a loss of $4.7 million in the 2007 second quarter. Year-to-date net income was $12.8 million compared with a net loss of $752,000 in the first six months of 2007.
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