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Pizza Pizza sales up 27 percent
April 21, 2008
TORONTO — Same-store sales at Canadian pizza chain Pizza Pizza Ltd. grew 3.7 percent for the first quarter ended March 30, the company announced.
Systemwide sales for the 609 restaurants in the Pizza Pizza Royalty Income Fund royalty pool increased 27 percent to $113.5 million from $89.5 million for the same period last year. Sales from the 559 Pizza Pizza restaurants were $94 million and sales from the 50 Pizza 73 restaurants were $19.5 million.
Sales benefited from the addition of 37 new restaurants to the royalty pool Jan. 1, 2008, plus the addition of 41 Pizza 73 restaurants in July 2007, as well as the positive same-store sales growth.
The Pizza Pizza Royalty Income Fund is a limited purpose, open-ended trust established under the laws of Ontario. The fund announced a cash distribution of $0.076 per share for the month of April. The distribution will be payable to shareholders of record at the close of business on April 30, 2008, and will be paid on May 15, 2008.
The Pizza Pizza brand added 1 traditional and 1 non-traditional location and closed 3 non-traditional locations during the quarter, while the Pizza 73 brand added 4 non-traditional locations.
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