Pizza Pizza reports third-quarter profit of $5 million, down from year ago

THE CANADIAN PRESS

TORONTO - Pizza Pizza Royalty Income Fund (TSX:PZA.UN) said Wednesday it earned $5 million in its latest quarter, down from a year ago, as sales fell.

The pizza restaurant income trust said the profit amounted to 23 cents per diluted unit for the quarter ended Sept. 30 compared with a profit of $5.6 million or 25 cents per diluted unit a year ago.

Sales at Pizza Pizza and Pizza 73 restaurants included in the royalty pool totalled $114.1 million, down from $120.4 million, while same store sales fell 7.6 per cent for the quarter.

The number of restaurants included in the royalty pool increased to 637 from 609 a year ago.

Units in the fund, which reported its results after the close of markets, were up five cents at $6.250 on the Toronto Stock Exchange on Wednesday.