News
Pizza Pizza comps up 4.9%
January 22, 2008
TORONTO — Same-store sales at Canadian pizza chain Pizza Pizza grew 4.9 percent in the fourth quarter and 4.6 percent for the fiscal year ended Dec. 30, 2007, the company has announced.
Systemwide sales at restaurants in the Pizza Pizza Royalty Income Fund's royalty pool for the fourth quarter were $118.9 million in the fourth quarter, up 27 percent compared with systemwide sales of $93.9 million for the same quarter in 2006. Fourth quarter sales from the 531 Pizza Pizza restaurants were $99.7 million and sales from 41 Pizza's 73 restaurants were $19.2 million.
For the year, sales from restaurants in the Royalty Pool were $409.5 million, up 16 percent compared with sales $353.1 million for 2006. Sales from the 531 Pizza Pizza restaurants were $376.4 million for the year and sales from 41 Pizza's 73 restaurants were $33.1 million for the period from July 24 to Dec. 31, 2007.
Pizza Pizza acquired the 41 Pizza restaurants in July 2007.
Pizza Pizza opened seven traditional and 10 non-traditional locations and closed one non-traditional location during the fourth quarter. For the year, the company opened 12 traditional and 24 non-traditional locations and closed 8 non-traditional locations have closed.
The openings bring the total number of Pizza Pizza locations to 559 of which 531 are in the Fund's 2007 royalty pool. The 559 restaurants are comprised of 367 traditional restaurants and 192 non-traditional restaurants.
Seven traditional Pizza 73 locations were opened during the quarter, bringing the total Pizza 73 restaurants to 57 of which 41 are in the fund's royalty pool.
The Pizza Pizza Royalty Income Fund is a limited purpose, open-ended trust established under the laws of Ontario to indirectly acquire the trademarks and trade names used byPizza Pizza Ltd. in its Pizza Pizza and Pizza 73 branded restaurants.
Related Media
Subscribe
Get the latest news and resources from Pizza Marketplace.
